Gold Prices Edge Higher on Monday
Gold prices edged higher on Monday, February 17, after falling more than 1% in the previous session as market participants awaited more insights on US President Donald Trump’s reciprocal tariff plans, which could heighten global trade tensions.
Spot Gold Prices
Spot gold rose 0.1% to $2,885.95 per ounce, as at 0016 GMT. Bullion has hit a record peak of $2,942.70 on February 11.
US Gold Futures
US gold futures fell 0.1% to $2,897.10.
Global Trade Tensions
Trump on Friday kept alive his drumbeat of tariff threats, saying levies on automobiles would be coming as soon as April 2, the day after members of his Cabinet are due to deliver reports to him outlining options for a range of import duties as he seeks to reshape global trade.
Economic Growth Concerns
US retail sales on Friday dropped by the most in nearly two years in January, suggesting a sharp slowdown in economic growth early in the first quarter. However, traders expect the Federal Reserve will not cut interest rates until the second half of the year due to concerns over high inflation.
Russia-Ukraine Talks
US Secretary of State Marco Rubio on Sunday said Ukraine and Europe would be part of any “real negotiations” to end Moscow’s war, signaling that US talks with Russia this week were a chance to see how serious Russian President Vladimir Putin is about peace.
Precious Metals
In other precious metals, spot silver fell 0.2% to $32.08 an ounce, after hitting its highest level since October 31, 2024, on Friday, latching on to factors that drove gold to successive record highs, with some analysts suggesting investors in the metal may aim to challenge a 10-year high. Platinum was up 0.3% at $982.55 and palladium climbed 1.3% to $974.08.
Conclusion
Gold prices edged higher on Monday, driven by market participants’ anticipation of US President Donald Trump’s reciprocal tariff plans, which could heighten global trade tensions. The metal’s price has hit a record peak of $2,942.70 on February 11, and it may continue to challenge a 10-year high.
FAQs
Q: What is the current price of gold?
A: The current price of gold is $2,885.95 per ounce.
Q: What is the current price of US gold futures?
A: The current price of US gold futures is $2,897.10.
Q: What is the reason for the increase in gold prices?
A: The increase in gold prices is driven by market participants’ anticipation of US President Donald Trump’s reciprocal tariff plans, which could heighten global trade tensions.
Q: What is the current price of other precious metals?
A: The current price of spot silver is $32.08 an ounce, platinum is $982.55, and palladium is $974.08.
