The gold market witnessed a notable uptick as investors sought refuge in safe-haven assets.
The most liquid gold contract closed 0.42% higher at $2,770.90 per troy ounce on the Comex division of the New York Mercantile Exchange.This surge came as market participants reassessed the potential impact of President Donald Trumps future tariff policies.
Sprott, a prominent asset management firm, attributes the rise in gold prices to concerns over possible import tariffs.In addition, these tariffs could be imposed on the precious metal by the Trump administration.
The company projects a positive outlook for gold throughout the year.It cites global uncertainties and investors desire for a value reserve independent of other assets and institutions.
RHB, another market analyst, suggests that gold could reach up to $2,800 per troy ounce.This bullish sentiment is echoed by Pepperstone, which notes that gold has hit its highest levels since Trumps victory.
The firm links this upward movement directly to the increasing trade risks and the growing demand for safe-haven assets.Gold Up Amid Trump Policy Uncertainties and Safe-Haven Demand.
(Photo Internet reproduction)TD Securities expects the price of precious metals to remain strong.
The financial services firm anticipates that investors will increase their gold positions in the coming week, regardless of future price scenarios.They highlight that a weaker dollar and lower interest rates in the United States could attract additional buying activity for the yellow metal.
The gold markets response reflects a broader trend of investor caution in the face of geopolitical uncertainties.As global economic policies continue to evolve, gold reinforces its traditional role as a safe-haven asset.
This development underscores the complex interplay between political decisions and market dynamics in shaping investment strategies.