Gold Moves Sharply Higher After Trump’s Tariff | Commodities
(RTTNews) – Gold futures moved sharply greater during trading on Friday, more than offsetting the pullback seen within the earlier session.
After falling $17 or 0.5 p.c to $3,292.30 during Thursday’s session, gold for May supply surged $71.30 or 2.2 p.c to $3,363.60 an ounce. With the increase, the price of gold spiked by 5.7 p.c for the week.
The valuable metallic benefitted from its appeal as a secure haven after President Donald Trump threatened to impose 50 p.c tariffs on imports from the European Union starting June 1st.
Trump claimed in a post on Truth Social that the EU has “been very difficult to deal with” and stated trade talks with the bloc are “going nowhere!”
In a separate Truth Social, Trump additionally threatened to impose a 25 p.c tariff on Apple (AAPL) iPhones that aren’t manufactured within the U.S. Shares of Apple have tumbled by 2.2 p.c following the news.
Trump’s threats have led to renewed to trade issues, which had waned significantly in latest weeks after the U.S. reached trade offers with the U.Ok. and China.
The sharp increase by the price of gold additionally got here amid a stoop by the worth of the U.S. greenback, with the U.S. greenback index sliding by 0.8 p.c.
On the U.S. financial entrance, the Commerce Department launched a report exhibiting new home gross sales within the U.S. within the month of April spiked in comparison with a considerably downwardly revised degree in March.
The report stated new home gross sales soared by 10.9 p.c to an annual price of 743,000 in April after leaping by 2.6 p.c to a downwardly revised price of 670,000 in March.
Economists had anticipated new home gross sales to tumble by 4.4 p.c to a price of 692,000 from the 724,000 initially reported for the earlier month.
The views and opinions expressed herein are the views and opinions of the creator and don’t essentially mirror these of Nasdaq, Inc.
Stay up to date with the latest news within the commodities markets! Our web site is your go-to source for cutting-edge commodity news, market trends, insights, and updates on key sources. We present every day updates to make sure you have entry to the freshest data on commodity actions, industry efficiency, provide and demand shifts, and main market bulletins.
Explore how these trends are shaping the long run of world commodities! Visit us repeatedly for essentially the most partaking and informative content material by clicking right here. Our fastidiously curated articles will keep you knowledgeable on market shifts, investment methods, commodity evaluation, and pivotal moments within the world of sources.
