Investors rush to buy, gold price soars to peak

Khương Duy (Theo Reuters, Kitco) |

News surrounding US President Donald Trump's policies has boosted demand for safe havens, sending gold prices soaring.

Gold prices rose sharply to a near three-month high on Tuesday, buoyed by a weaker dollar and uncertainty over U.S. President Donald Trump’s policies. Investor concerns about a potential trade war and market volatility are boosting demand for safe-haven bullion, Reuters reported.

Spot gold rose 0.5% to $2,758.90 an ounce at 11:40 a.m. ET (1640 GMT). That was the highest since Oct. 31, when prices hit a record $2,790.15 an ounce. U.S. gold futures also rose 0.5% to $2,772.00 an ounce.

The U.S. dollar index fell to its lowest in more than three weeks early in the session, making gold - priced in dollars - cheaper for investors using other currencies.

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Increased demand for shelter has pushed gold prices to surge in recent trading sessions. Photo: Phan Anh

“There’s increased uncertainty around tariffs and other factors. Gold tends to go up in times of market anxiety, even when the uncertainty is not that great. Gold has become the safe haven that people are looking for,” said Ryan McIntyre, senior portfolio manager at Sprott Asset Management.

Donald Trump said his administration is discussing imposing a 10% tariff on Chinese imports on February 1 - the same day he had previously said he would impose a 25% tariff on imports from Mexico and Canada.

Gold is often seen as a safe haven asset during times of economic and geopolitical uncertainty. However, Mr Trump’s proposed policies are seen as inflationary in nature, which could force the US Federal Reserve to maintain higher interest rates for longer to control rising price pressures.

The new US president has not given many details about the tariffs he has proposed, leaving investors wondering how aggressive the moves will be and what their potential impact will be.

“Trump seems less aggressive on tariffs than initially feared. Lower tariffs are seen as easing inflationary pressures and thus opening the door to further rate cuts,” said Tai Wong, an independent metals trader.

Meanwhile, Jim Wyckoff, senior analyst at Kitco, said gold prices rose sharply thanks to safe-haven buying in response to new moves from US President Donald Trump. Gold prices are now approaching record highs.

"The February gold futures contract is currently tilted in favor of the bulls, with a clear advantage in the short term. Gold continues to show a steady uptrend on the daily trading chart. Looking ahead, if gold can break above the strong resistance at the high of $2,826.30 an ounce and hold there, the rally will continue. Conversely, if the bears gain the upper hand, they will try to push the price below the important support at $2,675 an ounce," said Jim Wyckoff.

Among other metals, spot silver fell 0.3% to $30.75 an ounce but remained near a one-month high hit on Jan. 16. Platinum rose 0.5% to $948.32 an ounce, while palladium rose 3.2% to $987.50 an ounce.

See more news related to gold prices HERE...

Khương Duy (Theo Reuters, Kitco)
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