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Gold prices are advancing toward their highest levels since early November, trading near $2,725 an ounce, as markets react to President Trump’s announcement of planned 25% tariffs on Mexico and Canada.
While China has been temporarily spared from immediate tariffs, Trump’s indication that he’s still considering universal import tariffs has kept market tension high.
The precious metal’s rise reflects both immediate trade war concerns and broader uncertainties about the new administration’s policies.
The market response has been particularly notable in silver, which briefly spiked 1.2% to $31.525 an ounce, given Mexico’s position as the leading global producer.
Beyond immediate trade concerns, gold’s momentum is being supported by multiple factors, including potential inflation pressures from Trump’s domestic agenda of tax cuts and increased spending, ongoing geopolitical tensions, and central bank buying.
Analysts like Phillip Nova’s Priyanka Sachdeva suggest the combination of tariff implementation and resulting risk aversion in equity markets could further fuel gold’s bullish momentum, despite potential headwinds from higher interest rates.
