(Bloomberg) — Gold climbed toward another record as the dollar pushed lower after President Donald Trump ordered his administration to consider imposing reciprocal tariffs on numerous trading partners.
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Trump signed a measure directing the US Trade Representative and Commerce secretary to propose new levies on a country-by-country basis in an effort to rebalance trade relations — a sweeping process that could take weeks or months to complete. That’s raising the prospect of a wider campaign against a global system he complains is tilted against the US.
Bullion gained by as much as 0.8% to $2,927.17 an ounce, about $16 shy of its all-time high reached on Tuesday. The precious metal has marched higher this year, setting successive records and potentially lining up a test of $3,000 an ounce.
The surge has been powered by haven demand, with traders trying to gauge the impact of the new US administration’s stances on tariffs and geopolitics.
Trump on Wednesday agreed in a phone call with Russian President Vladimir Putin to start negotiating an end to the war in Ukraine, buoying the euro and weighing on the US dollar.
Central banks, including China’s, have added to holdings, while bullion-backed exchange-traded funds also expanded.
Spot gold rose 0.8% to $2,926.52 an ounce as of 2:39 p.m. in New York. The Bloomberg Dollar Spot Index edged 0.6% lower. Silver, platinum and palladium all advanced.
–With assistance from Yihui Xie, Jack Ryan and Sybilla Gross.
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