Gold prices continue their upward trend, marking the seventh consecutive week of increases in the global market. Since Donald Trump assumed office as the US President, concerns over a potential trade war have been driving prices higher, setting new records almost every week.
On Friday (February 14), gold prices rose by 0.3%, reaching $2,936.79 per ounce. Over the week, the price increased by 2.7%. Meanwhile, US gold prices saw a 0.5% rise, climbing to $2,961.40 per ounce.
Nicholas Frappell, Global Head of Institutional Markets at ABC Refinery, attributed the rising gold prices to uncertainties surrounding the Trump administration's trade policies, tariffs, and broader foreign policy decisions.
On Thursday (February 13), President Trump directed his economic team to devise a plan for imposing reciprocal tariffs on countries that levy import duties on the US. Analysts suggest that this potential inflationary move could further boost demand for gold.
Speaking at a joint press conference at the White House, Trump stated, "If India imposes tariffs on us, we will impose the same rate on them."
Earlier, Trump had announced a 25% import tariff on all steel and aluminum entering the US Experts predict that Canada will be among the most affected by this policy shift.
