In what appeared to be a concerning global economy dash, President Trump’s shocking increment of tariffs on goods from China has greatly reduced the value of the US dollar. This has led to Tremendous spike in the price of gold, reaching an all time peak of $3,010 per ounce.
Gold prices in the UAE also increased, with 24K gold being quoted at Dh363 per gram while 22K gold stands at Dh336, suggesting that investors are rushing towards gold amid economic fears. In addition, Experts now predict that gold may continue its upward trajectory which could even lead to unprecedented peaks in coming months, thus ignoring the habitual fluctuations of the gold market.
While waiting for inflation data to be released alongside updates from the Federal Reserve, Mertallurgy Magazine reported that investors had shifted focus towards changes that could impact the economy. Palladium and platinum remained unchanged alongside silver which underwent minor changes.
As the trade war wideens its jaws emerging from the US on China, gold prices are soaring the most suggesting that investment demand for gold has intensified greatly.