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Gold prices climbed back above $2,870 on Monday after last week’s pullback, helped by a falling dollar and rising concerns about Trump’s upcoming tariffs.
The president plans to hit Canada and Mexico with 25% tariffs this week and double existing charges on Chinese imports. These moves are raising fears of “stagflation” – a dangerous mix of slowing economic growth and persistent inflation that typically drives investors toward gold as a safe haven.
Recent economic reports suggest the US economy may be heading in this direction, creating a perfect environment for precious metals. Meanwhile, growing expectations for Federal Reserve rate cuts have made non-yielding assets like gold more attractive. While inflation concerns initially strengthened the dollar last week (usually negative for gold), Monday’s weaker dollar gave gold prices room to rise. Silver, palladium, and platinum also gained ground.
