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- 17:21Tariff uncertainty, rate cut bets fuel gold to new highsGold prices rose on Thursday, hitting record highs again in the U.S. session, topping $2,960 an ounce, as rising tariff uncertainty and market bets that the Federal Reserve will loosen monetary policy kept gold's appeal strong.Alex Ebkarian, chief operating officer at Allegiance Gold, said, ‘Gold is in a long-term bull market. We expect gold prices to trade between $3,000 and $3,200 this year.’ US President Donald Trump's latest trade policies have helped gold gain 12% so far this year, making it a favoured asset for investors amid geopolitical and economic turmoil. In addition, data from the US Department of Labour showed that the PPI was surprisingly unchanged in February, while the CPI rose 0.2% last month after accelerating 0.5% in January. Meanwhile, US initial jobless claims fell last week, but sharp government spending cuts and an escalating trade war threaten labour market stability. The Federal Reserve may be forced to lower interest rates. Falling interest rates are seen as good for gold because when yields fall, so do opportunity costs.
- 17:16Trump criticises WSJ: doesn't know what they're doing or sayingTrump criticised the Wall Street Journal in a post on Truth Social, stating, ‘Don't know what the WSJ is doing or saying, their (WSJ) ideas are both antiquated and weak, and very bad for America. But fear not, we will win it all!!!’In previous news, the WSJ posted an article revealing that the Trump family was in talks about taking a stake in CEX.US, although Trump's content on Truth Social was suspected to have been posted a few minutes before the WSJ article was published, and it's not certain that Trump knew ahead of time that the WSJ was going to publish the article in question.
- 17:14Opinion: Gold touches record high, driven by rate cut expectations and safe-haven demandGold prices hit another record high on Thursday after the US released modest inflation data in favour of Fed easing, in addition to escalating trade tensions that sparked safe-haven buying. According to a report released by the US Bureau of Labor Statistics on Thursday, US wholesale inflation stagnated in February due to a decline in the cost of services. In addition, the consumer price index released on Wednesday was weaker than expected, have strengthened expectations that the Federal Reserve may cut interest rates in the near future. The report ‘suggests that demand is slowing as a result of declining confidence, leaving room to loosen the restrictive nature of monetary policy,’ said Bart Melek, global head of commodities strategy at TD Securities. ‘Gold is behaving like a hedged asset, moving in the opposite direction of risk assets like equities.’ Institutions are increasingly convinced that Trump's destructive trade policies coupled with other concerns will push the price of gold further higher. Macquarie Group expects a spike to $3,500 in the second quarter, and BNP Paribas has raised its estimate for the average price of gold to well above $3,000.