Gold prices rise, supported by lower dollar

Gold prices rose on Monday, supported by the decline of the dollar and the increase in demand for safe havens due to fears of a global trade war, amid anticipation of the Federal Reserve’s (the US central bank) position on interest rates.

Gold rose in spot transactions by 0.1% to $ 2914.42 per ounce, while US gold futures rose by 0.3% to $ 2921.90.

US President Donald Trump imposed new tariffs of 25% on imports from Mexico and Canada last Tuesday, in addition to new tariffs on Chinese goods. He later decided to exempt many imports from Mexico and some from Canada from those tariffs for a month, which created uncertainty in the markets and raised concerns about inflation and growth in the United States.

Concerns about Trump’s tariff policies pushed gold to a record high of $ 2956.15 on February 24.

As for other precious metals, silver rose in spot transactions by 0.1% to $32.56 per ounce, platinum was stable at $962.90, and palladium fell by 0.2% to $946.30.