The yellow metal is trading above $2,800 for the second consecutive session in the middle of the European session today, Tuesday, February 4, after recording the highest daily closing ever yesterday, Monday, at $2,813 per ounce, benefiting from the increase in uncertainty in the markets due to the tariffs announced by the US administration, in addition to the decline in the general index of the US dollar.
The tariffs imposed by the United States at the beginning of the week on products imported from Canada and Mexico were raised by 25% and 10% on Canadian energy resources, in addition to 10% fees on imports from China, before China responded by imposing fees on some US imports by about 15%, and Canada and Mexico responded by implementing some tariffs on US products, which increased the state of tension in the markets and the increase in uncertainty, accompanied by increases in safe havens, led by gold.
The US Dollar Index is trading today at 108.44, down more than 1.30% from the opening of the weekly session yesterday, Monday, despite the rise in the manufacturing purchasing managers index issued by the US Institute for Supply Management (ISM) to 50.9 in January compared to 49.3 in December, exceeding expectations.
Gold is trading in mid-day trading today, Tuesday, at $2,815 per ounce, up by about 0.10%, while silver is rising by about 0.21%, trading at $31.62 per ounce.
Platinum, in turn, is trading at $962, down by about 0.41%, while palladium is falling by about 1.04%, trading at $998.
Copper rose by about 0.50% to trade at $9,144 per tonne on the London Metal Exchange after fluctuations of more than $200 yesterday, Monday, making it the most volatile amid the escalation of the trade war, especially between China and the United States, while aluminum prices fell by 0.15%, and zinc and nickel contracts fell by 0.40% and 0.05%, respectively, today.
03/03/2025
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