Rollercoaster experience for gold as buyers panic over affect of Donald Trump’s commerce tariffs
Gold prices gyrated wildly yesterday as traders digested the impact of Donald Trump’s trade tariffs.
Seen as a safe haven in times of turmoil, it hit a record of $3165 an ounce but slipped back to $3065 before hovering around $3100.
Traders said the rollercoaster was down to initial profit-taking and the fact bullion has been excluded from US import taxes.
New York banks have been repatriating gold bars from vaults under the Bank of England, sending its price higher. Central banks have also been buying record amounts as a hedge against inflation and any weakness in the US dollar.
Gold’s price is up more than a third in a year. US Treasury chief Scott Bessent recently denied reports that Trump was about to revalue 8,100 tons of US bullion. The holdings have been pegged at $42.22 an ounce since 1973.
A revaluation would lead to a huge $800billion windfall for the US economy, experts say.
Glittering returns: Seen as a safe haven in times of turmoil, gold hit a record of $3165 an ounce but slipped back to $3065 before hovering around $3100
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