1.27.25 - Gold Flirts With Record High

1.27.25 - Gold Flirts With Record High

Gold last traded at $2,740 an ounce. Silver at $30.20 an ounce.

Gold Flirts With Record High as Trump's China Remarks Hit Dollar -Yahoo! Finance

(Bloomberg) -- Gold rose close to a record high after US President Donald Trump signaled a less aggressive approach to China, weakening the dollar.

Bullion traded near $2,780 an ounce, the highest since it touched an all-time high in October. Trump said he'd "rather not have to use" levies against China during an interview that aired on Fox News on Thursday. A gauge of the dollar fell as much as 0.7%, making the precious metal cheaper for most buyers.

Gold is up almost 3% this week, mainly on haven demand amid uncertainty over the global economic outlook. New US-imposed tariffs would benefit gold even in spite of accompanying dollar strengthening, according to Joni Teves, a strategist for UBS Group AG.

"We expect investors to be willing to look through dollar strength," Teves wrote in a note, adding that gold would draw demand as a safe haven and diversifier in a period of volatility and macro uncertainty.

Traders have been glued to Trump's commentary on trade and tariffs since he took office earlier this week. The president has identified China, the EU, Canada and Mexico as potential targets for import levies, raising concerns about how other governments might respond. Trump on Thursday told the World Economic Forum in Davos via video that he intends to hit Europe with import levies in a bid to bring manufacturing back to the US.