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Gold climbs above $3100 for first time in history
Gold prices rose in European trade on Monday and expanded the gains for the third straight session, trading above $3100 for the first time in history and on track for the biggest monthly profit since 2020.
The gains come amid increasing haven demand on the metal due to mounting global trade concerns before a new round of US reciprocal tariffs scheduled on Wednesday.
Prices
Gold prices rose 1.4% today to $3127 an ounce, a record high, with a session-low at $3076.
On Friday, gold rose 0.9%, the third profit in a row, as both the dollar and US treasury yields fell.
Gold rose 2% last week, the fourth weekly profit in a row amid mounting tensions due to US auto tariffs.
Monthly Trades
Gold prices are up 9.5% so far this month on track for the third monthly profit in a row, and the largest since July 2020.
Trump’s Tariffs
Markets are on edge before US President Donald Trump’s new reciprocal tariffs. Details are limited, but Trump said almost all countries will face tariffs.
Trump said he’s open to negotiate deals with countries that seek to avoid tariffs, but the Washington Post reported in the weekend that he’s aiming for a stricter approach.
US Yields
US 10-year treasury yields fell 1.4% on Monday on track for the second loss in a row, plumbing a two-week trough at 4.192%.
US Rates
According to the Fedwatch tool, the odds of a 0.25% Fed interest rate cut in May stood at 18%.
The odds of such a cut in June stood at a much stronger 18%, with investors now waiting for important US data and speeches by Fed officials this week to gather more clues.
SPDR
Gold holdings at the SPDR Gold Trust rose by 2.29 tons on Friday to a total of 931.93 tons, the highest since June 2023.
Ethereum and Ripple tumble 6% and suffer weekly losses
Most cryptocurrencies fell on Friday amid a weakening risk appetite as the global trade war between the US and its economic partners escalated.
Earlier government data showed US core personal spending rose 0.4% m/m and 2.8% y/y, beating estimates in both cases.
US President Donald Trump announced aggressive 25% tariffs on all imported cars and auto parts earlier this week, and warned the EU and Canada from working together to retaliate against Washington.
According to the University of Michigan, the final reading for the March consumer confidence survey stood at 57.00, compared to 57.9 in the previous reading.
Ethereum
On trading, ethereum tumbled 6.2% as of 20:23 GMT to $1884.3, with a weekly loss of 4.60%.
Ripple
Ripple fell 6.4% as of 20:23 GMT to $2.18, with a weekly loss of 8.7%.
Loonie edges down despite positive data
The Canadian dollar fell against most major rivals on Friday amid an escalating global trade war despite positive economic data.
Earlier data showed Canadian GDP rose 0.4% in February, beating estimates of a 0.3% rise.
On trading, the CAD/USD pair fell 0.1% as of 20:17 GMT to 0.6983.
Sterling
The GBP/USD pair fell 0.1% as of 20:18 GMT to $1.2943.
Earlier data showed UK retail sales rose 1% last month, beating estimates of a 0.3% fall.
US Dollar
The dollar index fell 0.3% as of 19:58 GMT to 104.02, with a session-high at 104.5, and a low at 103.9.
Earlier government data showed US core personal spending rose 0.4% m/m and 2.8%% y/y, beating estimates in both cases.
US President Donald Trump announced aggressive 25% tariffs on all imported cars and auto parts earlier this week, and warned the EU and Canada from working together to retaliate against Washington.
According to the University of Michigan, the final reading for the March consumer confidence survey stood at 57.00, compared to 57.9 in the previous reading.
Gold climbs to record highs and marks weekly gains
Gold prices rose on Friday as the dollar index fell against most major rivals, with the precious metal marking weekly gains after hitting record highs.
Earlier government data showed US core personal spending rose 0.4% m/m and 2.8%% y/y, beating estimates in both cases.
US President Donald Trump announced aggressive 25% tariffs on all imported cars and auto parts earlier this week, and warned the EU and Canada from working together to retaliate against Washington.
According to the University of Michigan, the final reading for the March consumer confidence survey stood at 57.00, compared to 57.9 in the previous reading.
Otherwise, the dollar index fell 0.3% as of 19:58 GMT to 104.02, with a session-high at 104.5, and a low at 103.9.
On trading, gold spot prices rose 0.7% as of 19:59 GMT to $3113.9 an ounce.