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Spot gold gained 2.1% to $3,362.70 an ounce by 1356 ET (1756 GMT). Bullion rose 5.1% this week to touch an over two-week high.
U.S. gold futures settled 2.1% higher at $3,365.8.
“Trump has been on a tear the last 24 hours. Threatening 50% tariffs on the EU as of June 1, biting Apple and hammering Harvard has stocks in a black mood, which is great for gold,” said Tai Wong, an independent metals trader.
“Renewed tariff concerns on a low-liquidity day ahead of the long weekend can magnify moves.”
Global stocks tumbled after Trump recommended 50% tariffs on European Union imports from June 1. Trump also said that Apple would pay a 25% tariff on iPhones that are sold in the U.S. but not made there. The dollar eased 0.9%, making greenback-priced gold cheaper for foreign currency holders. On Thursday, the Republican-controlled U.S. House of Representatives passed a sweeping tax and spending bill that would add trillions of dollars to the country’s debt.
Gold’s appeal as a safe-haven asset increases with geopolitical and economic uncertainty.
“If we break above $3,500 mark, we can get a clean shot up to $3,800,” Daniel Pavilonis, senior market strategist at RJO Futures, said.
Platinum added 1.2% to $1,094.05 after hitting its highest level since May 2023 earlier in the session.
“Above ground inventories (of platinum) have fallen to quite low levels and this is just triggering a physical tightness in the market,” said Giovanni Staunovo, UBS analyst.
Spot silver rose 1.1% to $33.44, while palladium slipped 1.6% to $998.89. Both metals posted weekly gains.
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https://economictimes.indiatimes.com/markets/commodities/news/gold-jumps-over-2-on-safe-haven-demand-amid-trump-tariff-fears/articleshow/121373513.cms
