2/19/2025–|Last update: 2/19/202508:16 PM (Mecca time)
Gold prices rose today, Wednesday, to the highest level, driven by commercial tensions and concerns about the slowdown in global economic growth, after US President Donald Trump threatened to impose new customs duties.
Gold recorded in instant transactions an increase of 0.3% to reach $ 2943.25 an ounce by 10:25 GMT, after reaching its highest historical level at $ 2946.75 earlier in the session. Thus, gold achieves a high record for the ninth time this year.
As for the US gold futures, they have advanced 0.4% to $ 2961.
The effect of customs duties on the markets
“It appears that the height of gold is driven by President Trump’s statements regarding the upcoming customs duties on cars and medicines, which may pave the way for prices to reach 3,000 dollars an ounce,” Reuters quoted Zain Foda, market analyst at the Market Bass, as saying.
Trump imposed, since he took office last month, 10% on Chinese imports, in addition to 25% on steel and aluminum imports.
In statements made on Tuesday, Trump confirmed his intention to impose customs duties by 25% on cars, semi -conductors, and medicines, which increased the concerns of financial markets and led to a high demand for gold as a safe haven.
Gold as a safe haven
Gold traditionally seen as hedging against inflation and geopolitical certainty, but high interest rates often limit its attractiveness. The markets are currently awaiting the minutes of the US Federal Reserve meeting for the month of January, which will be issued later today, to assess the future of monetary policy.
Other mineral performance
Besides gold, other precious metals have seen varying prices:
- Silver increased by 0.4% to $ 32.99 an ounce.
- Platinum fell 0.6% to 981.56 dollars.
- Palladium rose 0.1% to 987.75 dollars.
The markets remain under the influence of trade tensions and changes in economic policy, which makes gold in the spotlight as a major investment option during this turbulent period.
