市場分析

Gold Prices Pull Back, Remain Near Record Levels on Tariff Concerns

Amos Simanungkalit · 25 Feb710.1K 閱讀

Image Credit: Reuters

Gold prices dipped in Asian trading on Tuesday, though they remained close to recent highs as demand for the safe haven metal was supported by concerns over rising U.S. trade tariffs and escalating tensions between the U.S. and China.

Gold had surged in the previous session, nearing a record high, driven by persistent demand for safe-haven assets. This was further fueled by U.S. President Donald Trump’s statement about his intention to impose a 25% tariff on Canada and Mexico next week.

Additionally, Trump’s weekend executive order, which introduced further trade and investment restrictions on China, contributed to fears of deteriorating U.S.-China relations.

Spot gold fell 0.5% to $2,947.73 per ounce, while April gold futures dropped 0.3% to $2,952.99 per ounce at 01:03 ET (06:03 GMT). Last week, spot gold reached a record high of $2,956.37 per ounce.

Trump’s tariff threats and the growing tensions with China kept gold demand strong, especially with the March 4 deadline for tariffs on Canada and Mexico fast approaching. This move could prompt retaliatory actions, escalating a global trade conflict.

Moreover, Trump’s aggressive stance towards China added to fears, especially after he imposed 10% tariffs on all Chinese imports in February, which led to retaliatory tariffs and export controls from Beijing. Bloomberg also reported that the U.S. administration was contemplating tighter controls on chip exports to China, potentially deepening the conflict.

The dollar weakened to a two-month low, further supporting metal prices, as investors worried about a slowing U.S. economy. Treasury yields also softened, following recent data indicating weakening consumer sentiment and spending.

The drop in the dollar helped boost metal prices, though gold outpaced other metals. Platinum futures declined 0.5% to $971.65 per ounce, while silver futures remained steady at $32.623 per ounce.

Industrial metals were also under pressure, with copper futures on the London Metal Exchange falling 0.3% to $9,465.20 per ton and March copper futures dropping 0.4% to $4.5420 per pound.