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Gold hits $2924 as trade tensions & inflation fears grow
10-Feb-2025, 02:17
Gold futures jumped to a new peak of $2924.90 per ounce on Monday as safe-haven demand spiked after former US President Donald Trump announced fresh 25% tariffs on steel and aluminum. The dollar index climbed above 108.3, fueling inflation concerns and limiting rate-cut expectations. Meanwhile, central bank gold buying remained strong, with China's PBoC adding to its reserves for a third straight month. Investors now eye key US inflation data this week. On MCX, bullion futures surged past Rs 85500 per 10 grams, up Rs 833.
Gold futures jumped to a new peak of $2924.90 per ounce on Monday as safe-haven demand spiked after former US President Donald Trump announced fresh 25% tariffs on steel and aluminum. The dollar index climbed above 108.3, fueling inflation concerns and limiting rate-cut expectations. Meanwhile, central bank gold buying remained strong, with China's PBoC adding to its reserves for a third straight month. Investors now eye key US inflation data this week. On MCX, bullion futures surged past Rs 85500 per 10 grams, up Rs 833.
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