Global gold prices rose to a new record due to US duties on goods from China
World gold prices have risen to a new record high, rising by 1.2% to reach $2,877 per ounce.
As noted, gold is rising in price in anticipation of a large-scale trade war between the United States and China, after US President Donald Trump imposed a 10% duty on Chinese imports.
China, for its part, has responded rather restrainedly to the US tariffs, raising duties on only some US goods, mainly minerals and agricultural machinery.
There are also signs of increased demand for gold, as large dealers seek to move the metal to the United States before any duties are imposed
Gold is often seen as a “hedge against inflation”. When the price of gold rises, it can signal expectations of rising inflation.
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