Buffeted by Trump trade policy and China, gold on brink of new record
Gold prices surged to $2,758 per ounce on Wednesday, nearing record highs amid trade war fears sparked by US President Trump’s tariff threats. The rise is also fueled by China’s gold purchases and shifting global monetary policies.
- Asia
- Anadolu Agency
- Published Date: 03:49 | 22 January 2025
The price per ounce of gold continues to rise as it hit $2,758 on Wednesday, bringing it close to record levels, amid uncertainties caused by the policies of new US President Donald Trump and China.
After rising to $2,758 earlier in the day, the ounce price of gold at 1140GMT was $2,757, 0.44% above the previous close.
The climb largely came after Trump continued to threaten import tariffs on goods from other countries after assuming the US presidency on Monday.
While these threats targeted Canada, Mexico, and China, Trump also criticized the EU's trade surplus with the US, stoking fears of a trade war.
This increase in gold is also influenced by central banks' gold purchases and expectations that they will continue to move away from tight monetary policy.
Since November, the People's Bank of China (PBC) has bought roughly 15 tons of gold, driving up prices of the precious metal.