The world price of gold today, February 2; The ounce grew by 0.60%
reported by %20%0A
The price of gold per ounce increased by 0.60% to $2,724 and 38 cents today. The price of gold futures on the COMEX New York market has reached $2,742 and 40 cents with a decrease of 0.23%.
The dollar fell about 1 percent after reports that the new taxes were being implemented in a very calculated manner. The falling value of the dollar makes it cheaper for the holders of other world currencies to buy gold.
After weeks of global speculation that Trump would impose new tariffs on his first day in office, news of the plan’s postponement calmed global stock markets and sent the dollar lower.
Trump proposed 10% tariffs on global imports, 60% on Chinese goods and 25% additional tariffs on Canadian and Mexican imports.
Gold is always referred to as a safe haven in times of high inflation. Trump’s policies have increased inflation and caused the Federal Reserve to maintain a high interest rate environment, which reduces the demand for gold as a non-yielding asset.
The fact of how far the new American government will implement Trump’s decisions will affect the way the US central bank will set interest rates in the future. The environment of low interest rates is in favor of gold.
Among other precious metals, silver rose 0.91 percent to $31.43 and platinum was down 0.06 percent to $946.71. .
