Gold has reached a new milestone, surpassing the $2,800 mark for the first time on Friday. Investors are flocking to the precious metal as a safe haven amid uncertainty surrounding upcoming US tariffs.
Spot gold climbed to $2,814.62 per ounce, according to data from gold.org, reflecting heightened demand as market participants brace for the impact of US President Donald Trump's planned tariffs on China, Mexico, and Canada set to take effect this weekend.
Meanwhile, the US stock market experienced a downturn. The Dow Jones Industrial Average fell by 0.7 percent, the S&P 500 dropped 0.5 percent, and the Nasdaq Composite Index declined by 0.3 percent.
In addition to the turmoil in the stock markets, the US dollar strengthened, with the dollar index—measuring the greenback against a basket of currencies including the yen and the euro—rising by 0.31 percent to 108.42.
Oil prices also saw an uptick, with US West Texas Intermediate crude advancing to $73.48 per barrel, up 1 percent, and Brent crude futures for April rising by 0.7 percent to $76.54 a barrel in extended trading. This increase follows the Trump administration's announcement to decrease proposed tariffs on Canadian oil, easing some of the immediate tensions in the energy sector.
Reference(s):
cgtn.com
