Spot gold prices broke the $3,400 per oounce barrier to hit a new high of $3,424.40 on Monday morning trade as a host of factors created uncertainty among investors, boosting the safe haven demand for the metal.
Tariffs continue to rock markets. The Trump administration has imposed 25 percent tariffs on all imports from Mexico and Canada. For all other partners, a 10 percent baseline tariff and custom reciprocal tariffs have been instituted after taking into account their trade barriers on the United States.
While the reciprocal tariffs have been paused for a period of 90 days to allow trade partners to renegotiate their trade imbalances with the United States, it’s not clear whether they will arrive at those deals within the allotted window and completely avoid the higher tariffs….