Wed 05/Mar/2025 – 09:45 AM
The price of gold fell today, Wednesday, under pressure from the rise in the US dollar and the returns of treasury bonds, while the markets continued to track the possible effects of the new customs duties imposed by US President Donald Trump.
Immediate gold fell 0.2% to 2912.09 dollars an ounce by 05:31 GMT, after it rose by about 1% on Tuesday, while American gold futures rose 0.1% to 2922.70 dollars.
The dollar rose, which made alloys more expensive for buyers abroad, and the revenues of standard treasury bonds increased for 10 years, which reduced the attractiveness of the non -revenue gold.
New customs duties
“The US dollar has made a slight recovery during Trump’s joint discourse against Congress, which took some momentum away from the price of gold, and I expect gold to remain more likely to remain required, while the uncertainty in international trade remains the prevailing feature of the market,” said Tim Water, chief market analyst in KCM.
The new customs duties imposed by Trump by 25% on Mexican and Canadian imports, in effect, entered into force, along with the doubling of customs duties on Chinese goods to 20%, which led to commercial wars that can strike economic growth, and raise prices on Americans who are still suffering from years of high inflation.
China and Canada responded with a set of their customs duties on a group of American goods, and Mexico is expected to respond on Sunday.
John Williams, President of the Federal Reserve in New York, said that American customs duties are likely to push inflation to rise, adding that the current interest rate policy is appropriate, and does not need changes.
Although gold is a hedge of inflation, high prices may distort its attractiveness, and the markets are now awaiting the national job report later today, Wednesday, and non -agricultural job data in the United States on Friday.
Meanwhile, China – the largest consumer of minerals – has launched more financial motivation, indicating greater efforts to enhance consumption, as a way to protect the Economy path towards the goal of growth this year of 5%.
Immediate silver rose by 0.1% to $ 32 an ounce, platinum settled at 960.25 dollars, and palladium increased by 0.8% to 949.05 dollars.
