Gold Reaches New Heights as Trade Tensions Escalate

In a dramatic response to growing trade war concerns, gold prices surged to an all-time high on Monday. This significant uptick in value comes in the wake of President Donald Trump's announcement of new tariffs on imports from key trading partners, including Mexico, Canada, and China.

Trump's bold move, imposing a 25% tariff on imports from Mexico and Canada, and a 10% tariff on goods from China, has sent shockwaves through global markets. The President's warning that these tariffs could "get worse" if the affected countries retaliate has only added to the uncertainty, fueling fears of a full-blown global trade war.

Market Reactions and Precious Metals Movements

As investors sought safe havens amidst the turmoil, gold prices climbed by 0.68% to $2,818.46 per ounce by 9:43 am ET. Silver also saw a modest increase of 0.13%, trading at $31.34 per ounce. However, not all precious metals fared well, with platinum experiencing a 2.13% drop to $963.97 per ounce. In contrast, palladium rose by 1.72% to $1,004.34 per ounce, reflecting the complex dynamics at play in the commodities market during these uncertain times.