Gold prices rise to highest level since November

Gold shined again and prices rose on Tuesday to their highest level in more than two months, supported by a decline in the dollar following the inauguration of US President Donald Trump, and investors sought to own the yellow metal as a safe haven for hedging, in light of the uncertainty caused by his plans for tariffs.

Spot gold rose 0.7% to $2,727.19 an ounce, recording its highest level since November 6, and not far from the all-time high reached in October of the previous year at $2,790.15.

US gold futures fell 0.2% to $2,744.40, reducing the premium to spot prices, after Trump defied expectations and did not impose tariffs immediately on Monday after his inauguration.

After weeks of speculation about what tariffs Trump would impose on his first day in office, news that he would take more time before imposing them led to a rise in global stocks and pressure on the dollar.

Among other precious metals, spot silver rose 0.5% to $30.65 an ounce, palladium fell 1.7% to $928.75, and platinum fell 0.2% to $940.70.