Gold prices rise amid uncertainty about Trump and fears of a trade war
Collectively, commodity markets not only reached new highs in 2024, but also skyrocketed as sentiment became increasingly bullish.
That’s a telltale sign that this rally is just beginning and the bullish momentum will certainly continue into 2025.
In fact, the early signs are already looking promising, as gold once again proves its status as the world’s favorite safe haven in times of escalating financial and geopolitical uncertainties.
On Friday, gold prices rose within a range of $2,700 an ounce to hit the highest level since November 2024 and extend gains for a fourth straight day.
With just over a week to go before Donald Trump returns to the White House as the 47th president of the United States, uncertainty surrounding his America-First policy continues to fuel demand for the safe haven metal.
President-elect Donald Trump will take office on January 20 and has promised to impose a 60% tariff on US imports from China and a universal basic tariff of 10% on imports from all other countries. Such tariffs could spark global trade wars, drive up consumer prices and ultimately lead to higher inflation. And that is an environment in which gold truly thrives!