Gold sets all-time high on trade war fears – by Frederic Tomesco (Northern Miner – January 31, 2025)

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Gold prices hit a record high Friday, topping US$2,800 an oz. amid growing concern that U.S. President Donald Trump will follow through with his threat to slap multiple nations with import tariffs.Spot gold rose about 0.4% to US $2,808.38 per oz. in early afternoon trading, Trading Economics data show. That takes the metal’s advance to about 5.7% for the month and 37% over the last year.

Trump reiterated Thursday that he will likely impose tariffs on countries such as Canada, China and Mexico as soon as Saturday. Even so, the Wall Street Journal reported Friday that Trump advisors are looking for ways to avoid enacting across-the-board levies on Canada and Mexico, the U.S.’s two largest trading partners.

The increasing likelihood of a trade war is clearly boosting gold’s allure, said Ryan McIntyre, a managing partner at Sprott Inc. “There seems to be a widening between countries rather than a coming together, and this is likely to continue for the medium term,” he said in a telephone interview from Darien, Connecticut.

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