GOLD prices edged higher on Monday (Feb 17) after falling more than 1 per cent in the previous session as market participants awaited more insights on US President Donald Trump’s reciprocal tariff plans, which could heighten global trade tensions.
Spot gold rose 0.1 per cent to US$2,885.95 per ounce, as at 0016 GMT. Bullion has hit a record peak of US$2,942.70 on Feb 11.
US gold futures fell 0.1 per cent to US$2,897.10.
Trump on Friday kept alive his drumbeat of tariff threats, saying levies on automobiles would be coming as soon as Apr 2, the day after members of his Cabinet are due to deliver reports to him outlining options for a range of import duties as he seeks to reshape global trade.
Meanwhile, US retail sales on Friday dropped by the most in nearly two years in January, suggesting a sharp slowdown in economic growth early in the first quarter.
However, traders expect the Federal Reserve will not cut interest rates until the second half of the year due to concerns over high inflation.
US Secretary of State Marco Rubio on Sunday said Ukraine and Europe would be part of any “real negotiations” to end Moscow’s war, signalling that US talks with Russia this week were a chance to see how serious Russian President Vladimir Putin is about peace.
In other precious metals, spot silver fell 0.2 per cent to US$32.08 an ounce, after hitting its highest level since Oct 31, 2024, on Friday, latching on to factors that drove gold to successive record highs, with some analysts suggesting investors in the metal may aim to challenge a 10-year high.
Platinum was up 0.3 per cent at US$982.55 and palladium climbed 1.3 per cent to US$974.08. REUTERS
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