Global gold price hits $2,357 per ounce today May 24

According to⁣ webangah News Agency, citing Reuters, gold prices surged over 2% on Friday, marking their ⁢strongest weekly performance in six weeks. Investor⁢ demand for gold as ⁤a safe-haven asset has increased due ⁢to renewed tariff threats from⁢ Trump and⁢ a weakening US dollar.

The ⁣spot price of gold rose 1.91% today to $3,357.51 per ⁢ounce. Gold futures on New York’s COMEX ​market ‌also climbed 2.13% to‍ $3,394.50.

Analysts attribute this rally to Trump’s recent ​actions – ⁤including threats of 50% tariffs on EU imports effective June 1st, targeting Apple, and⁣ pressuring Harvard – which have dampened​ stock markets while benefiting gold.

Global ⁣markets were rattled after the U.S. imposed 50% tariffs ‌on imports from the European ⁢Union, effective June ​1.

President trump also⁢ announced that ⁣ Apple ⁤must pay a 25% tariff on iPhones sold in the⁣ U.S.but manufactured abroad.

The ‌ U.S.Dollar ⁤Index fell 0.9%, making gold purchases cheaper for holders ⁢of other currencies.

Additionally, the U.S.House of Representatives approved Trump’s tax and spending bill on Thursday, which could add trillions to the national debt.

Gold remains a safe-haven asset ‌during geopolitical and ‌economic instability. Analysts suggest that​ if gold surpasses $3,500, it could ⁤easily rally to $3,800.

Among⁤ other precious metals: silver rose 1.17% to $33.61, ‌while platinum gained 1.44%, trading at⁢ $1,097.49.