Gold rises on Trump’s tariff threats

14/07/2025 Argaam
Gold bars

Gold bars

Gold prices hit a three-week high on Monday, driven by higher demand for the yellow metal as a safe haven after US President Donald Trump threatened to impose tariffs on US imports from the European Union (EU) and Mexico.

 

Gold futures for August delivery rose by 0.25%, or $9, to $3,373 an ounce, after touching $3,389.30 — the highest intraday level since June 23.

 

Meanwhile, spot gold kept flat at $3,356.70 an ounce as of 08:31 am KSA time.

 

The US Dollar Index inched up 0.1% to 97.95 points.

 

September silver futures gained 1.35% to $39.48 an ounce. On the other hand, spot platinum prices were steady at $1,393.74, while palladium climbed 1.40% to $1,218.53 an ounce.

 

Trump threatened to impose a 30% tariff on imports from Mexico and the EU starting August 1, following weeks of failed trade negotiations to reach a comprehensive agreement, according to Reuters.

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