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Gold gains as china, Canada hit back with duties
04-Mar-2025, 03:00
Gold surged near $2930 per ounce on Tuesday as escalating trade tensions revived safe-haven demand. MCX gold futures climbed by Rs 723 to cross Rs 86000, following the US imposing fresh 25% tariffs on Mexico and Canada, along with a hike to 20% on Chinese goods. In response, China and Canada announced new tariffs, sparking fears of a global trade war and fueling concerns over inflation and slower growth. Weak US factory data added to worries about the economic outlook. Meanwhile, India trimmed the base import price of gold by $11 to $927 per 10 grams, reflecting pressure on global bullion. Investors now await key US jobs data to assess the Federal Reserve's next steps.
Gold surged near $2930 per ounce on Tuesday as escalating trade tensions revived safe-haven demand. MCX gold futures climbed by Rs 723 to cross Rs 86000, following the US imposing fresh 25% tariffs on Mexico and Canada, along with a hike to 20% on Chinese goods. In response, China and Canada announced new tariffs, sparking fears of a global trade war and fueling concerns over inflation and slower growth. Weak US factory data added to worries about the economic outlook. Meanwhile, India trimmed the base import price of gold by $11 to $927 per 10 grams, reflecting pressure on global bullion. Investors now await key US jobs data to assess the Federal Reserve's next steps.
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