100 Days In: Trump’s ‘Strategic Uncertainty’ on Tariffs Leaves Markets Guessing

A rare disconnect in global gold markets is forcing major banks to take extraordinary measures, flying billions of dollars worth of physical gold from London to New York. The situation emerged after Trump’s tariff threats against Europe caused London’s physical gold prices to trade about $20 lower than New York’s futures market since December. This price gap has put pressure on banks like JPMorgan and HSBC, who typically hold gold in London while selling futures contracts in New York as a hedging strategy. With gold futures rising 11% this year to $2,909 per ounce and potentially approaching $3,000, banks are

Gold continued its impressive rally, marking its seventh consecutive weekly gain amid escalating trade war concerns. The precious metal rose 0.3% to $2,936.99 per ounce, bringing its weekly advance to 2.6%. President Trump’s recent call for reciprocal tariffs and ongoing economic uncertainty have strengthened gold’s appeal as a safe-haven asset, with analysts eyeing the $3,000 mark as the next significant target.

A panel of prominent gold market authorities, led by LBMA Chief Executive Ruth Crowell and featuring industry experts Adrian Ash, Jim Steele, David Gono, and Jeremy East, convened to examine the complex relationship between London and New York gold markets. The discussion focused on addressing crucial questions about market operations and investigating concerns regarding physical gold supply, providing insights into the current state of global gold trading.