(Bloomberg) -- Gold held near the highest level since October, as traders considered the impact President Donald Trump’s latest tariff threats against China and the European Union could have on the global economy.
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Bullion was trading near $2,752 an ounce, less than $40 short of its all-time high, after gaining about 2% so far this week. It’s been supported by increasing haven demand as investors weighed the new administration’s trade stance. The president has identified China, the European Union, Canada and Mexico as potential targets for import levies, though there is uncertainty over whether he will follow through.
Traders are also focusing on the wider implications from Trump’s domestic policies, including a pledge to cut taxes and curb immigration. Economists say those moves will likely erode the nation’s finances and reignite inflation.
The precious metal set a series of records last year, with gains driven by the Fed’s pivot to cutting interest rates, geopolitical tensions and central-bank buying. The precious metal may receive a further boost from demand for safe-haven assets on concerns about the scope for increasingly fraught US relations with other nations.
Spot gold eased 0.2% to $2,751.59 an ounce at 9:53 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat. Silver and platinum dipped, while palladium was little changed.
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