The yellow metal is trading at its highest levels since late October of last year and is approaching a new record level in the middle of the European session today, Wednesday, January 22, rising by about 0.65% or $17 in a rise for the third consecutive session since the beginning of the week, benefiting from its status as one of the most important safe haven tools, while silver rises by about 0.21%, trading at $30.92 per ounce.
The yellow metal has been benefiting since the beginning of the week from the repercussions of the tariff policies and tax cuts that are expected to be imposed by the new administration of President Trump, as Trump threatened to impose a 10% tax on Chinese goods and 25% on those coming from Canada and Mexico in the coming weeks, which supported safe haven assets, most notably gold.
Analysts in many investment banks expect gold gains to continue as long as these concerns about tariffs continue, and gold is expected to exceed its previous record levels.
The US dollar has declined by more than 1.5% since the beginning of the week and is now trading at 107.63, providing additional support for the yellow metal’s gains.
Platinum, in turn, is trading at $947, up by about 0.41%, while palladium is rising by about 0.60%, trading at $962.
30/01/2025
ابحاث السوق
شارك المقال على منصات التواصل الإجتماعي
