The gold price starts the new week with significant increases. On Monday afternoon, the increase exceeded over 1%. The quotations were determined new February highs. An ounce of the metal amounted to nearly $5,190, or approximately PLN 18,540.
CNBC notes that the dollar weakened after the US Supreme Court ruled on Friday that Donald Trump's radical tariffs exceeded his authority, as a result of which goods priced in dollars, such as gold, became more affordable to foreign buyers.
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“The rebound in gold and silver prices has likely been aided by concerns or uncertainties, or even the prospect of tariffs,” said independent analyst Ross Norman, as quoted by CNBC, adding that there were many favorable factors, including weak economic growth data.
Media reports indicate that Donald Trump responded by sharply criticizing the court and imposing a 15% blanket tax. for import – the maximum level permitted by law. It insists that trade agreements with almost 20 countries, most with higher tariffs, remain in force.
Gold is regaining its position on the market
“After achieving unprecedented growth earlier this year, gold is showing signs of regaining its long-term market position, but in a more measured way“Norman said.
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CNBC reminds that Friday's data showed that core inflation in the US rose more than expected in December, and signals point to a further acceleration in January. This could discourage the Federal Reserve from lowering interest rates soon, making it less attractive to own interest-free gold.
