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Reuters

Gold prices hit an all-time high on Monday, bolstered by safe-haven inflows after US President Donald Trump’s tariffs on Canada, China and Mexico added to concerns of inflation that would dent economic growth.
Spot gold rose 0.8 per cent to US$2,818.99 per ounce by Monday afternoon, after hitting a record of US$2,830.49 earlier in the session.
US gold futures settled 0.8 per cent higher at US$2,857.10.
Despite the usual dampening effect of a strong dollar on the gold market, prices have been rallying due to the safe-haven demand driven by uncertainty surrounding Trump’s tariffs, said David Meger, director of metals trading at High Ridge Futures.
The 25 per cent tariffs imposed by Trump on Canadian and Mexican imports from Tuesday, along with a 10 per cent charge on Chinese goods, fuelled fears of a trade war that could slow global growth and feed inflation.
Canada and Mexico ordered retaliatory measures while China said it would challenge the tariffs at the World Trade Organization and take unspecified countermeasures.
However, Trump announced a month-long pause on tariffs the US had slapped on Mexico.


The market is not fully convinced about the extent of the trade war, Bart Melek, head of commodity strategies at TD Securities, said.
“We haven’t seen a complete response from gold and if this trade war continues for a considerable period, it could lead to significantly higher gold prices down the road,” Melek added.
Gold is often considered as a safe-haven investment during periods of economic or geopolitical instability.
JPMorgan said bearish contagion from equities could weigh on gold in the near term, but disruptive tariffs were a medium-term bull case for bullion.
Investors await data this week on US job openings, the ADP employment report and the US employment report to gauge the health of the US economy.
Meanwhile, bullion banks are transporting gold from Asian trading hubs such as Dubai and Hong Kong to the US to profit from the unusually high US gold futures premium over spot prices.
Spot silver rose by 0.8 per cent to US$31.56 an ounce, platinum lost 1.5 per cent to US$963.40 and palladium rose 0.5 per cent at US$1,012.85.


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Gold prices hit an all-time high on Monday. Photo: Reuters

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Bitcoin was down 4 per cent early on Monday morning in Asia, touching a three-week low around US$96,606. Photo: Dado Ruvic / Illustration / File Photo

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US President Donald Trump talks to reporters about tariffs against China, Canada and Mexico on Friday. Photo: Getty Images via AFP

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Cargo ships loaded with containers are seen berthing in Qingdao Port, east China’s Shandong province, last month. Photo: AFP

Vehicles wait to be exported at Yantai Port in east China’s Shandong province last month. Photo: Xinhua

Traders work on the floor at the New York Stock Exchange. Photo: AP

President Donald Trump gestures as he arrives at Palm Beach International Airport en route to his Mar-a-Lago estate in Palm Beach. Photo: AP

France’s President Emmanuel Macron (left) greets Germany’s Chancellor Olaf Scholz prior to the start of the round-table meeting at the informal EU leaders retreat in Brussels on Monday. Photo: AFP

Trucks drive to cross to US at Otay Commercial port in Tijuana, Mexico. Trump’s tariffs will cover almost half of all US imports. Photo: AFP

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US President Donald Trump has imposed tariffs on the country’s three largest trading partners, risking a trade war that could cause broad economic disruption. Photo: AFP

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Gold hit US$2,830.49 per ounce on Monday. Tariffs on Canada, China to take effect on Tuesday while Mexico tariffs will be paused for a month


Gold hit US$2,830.49 per ounce on Monday. Tariffs on Canada, China to take effect on Tuesday while Mexico tariffs will be paused for a month.
