Gold rose to an over two-week high on Thursday, buoyed by safe haven demand after U.S. President Donald Trump’s tariffs went into effect and U.S. jobs data added to rate-cut expectations.
Spot gold gained 0.5% to $3,385.07 per ounce, after hitting its highest level since July 23 earlier in the session. U.S. gold futures added 0.6% to $3,452.6.
“Ongoing trade tensions, and heightened geopolitical tensions continue to underpin the market with the safe haven interest,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.
Trump’s higher tariffs on imports from a slew of countries came into effect on Thursday, leaving some trade partners like Switzerland, Brazil and India scrambling to reach a better deal.
Published by CNBC
Source: https://www.cnbc.com/2025/08/07/gold-gains-as-trump-doubles-india-tariffs-boosting-safe-haven-demand.html
