Gold Prices Soar Amid Global Trade Uncertainty

Gold prices have reached record highs globally, driven by increased demand for safe-haven assets amid uncertainty surrounding US President Donald Trump's proposed tariffs on Mexico, Canada, and BRICS countries. This surge in gold prices, now trading near $2,800 an ounce, is fueled by fears of inflation and trade wars that could hamper economic growth. The US Federal Reserve's pause in interest rate cuts and a weak US GDP report have further bolstered gold's appeal. Additionally, New York bullion traders have amassed a significant stockpile, leading to reduced liquidity in London. The European Central Bank's interest rate cuts and a drop in US Treasury bond yields have also contributed to the metal's rising value. Meanwhile, silver prices have reached a six-week high, reflecting similar market dynamics.