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Gold Holds Near Record High as Investors Eye U.S. Policy Moves

23 Jan 2025 9:01 am
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Mumbai, 23 Jan (Commoditiescontrol): Gold prices remained steady near their all-time high on Thursday as investors awaited clarity on U.S. President Donald Trump’s proposed tax cuts and trade policies.

Spot gold held firm at $2,755.68 per ounce, close to Wednesday's peak of $2,763.43, which marked its highest level since October 31 when prices reached a record $2,790.15. Meanwhile, U.S. gold futures eased by 0.2% to $2,764.90.

President Trump recently announced plans to impose a 10% tariff on Chinese imports starting February 1 and promised additional duties on European imports, though he provided no further details. Earlier, he had indicated that Mexico and Canada might face 25% levies by the same date.

Gold’s appeal as an inflation hedge could diminish if Trump's potentially inflationary policies lead the Federal Reserve to maintain higher interest rates for an extended period. Since gold does not yield interest, higher rates can reduce its attractiveness.

The Federal Reserve is set to meet next week in a context of steady economic growth and easing inflation. While analysts expect the Fed to keep its benchmark interest rate unchanged during the January 28-29 meeting, uncertainty surrounding new U.S. policies could influence its outlook.

Across the Atlantic, the European Central Bank (ECB) hinted at further interest rate cuts, with policymakers signaling that next week’s reduction is nearly certain and more could follow. This contrasts with the Fed’s more cautious stance.

SPDR Gold Trust, the largest gold-backed exchange-traded fund, reported a 0.26% drop in its holdings to 869.36 tonnes on Wednesday, down from 871.66 tonnes a day earlier.

In other precious metals, spot silver was unchanged at $30.78 per ounce, palladium edged up 0.1% to $978.85, and platinum remained steady at $945.90.

As market participants digest evolving economic policies, gold remains a focal point for investors seeking safe-haven assets amid persistent global uncertainties.

(By Commoditiescontrol Bureau: 09820130172)


       
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