Gold prices saw a slight uptick on Monday after a sharp decline in the previous session, as investors kept a close watch on US President Donald Trump’s latest tariff plans. With global trade tensions on edge and economic data painting a mixed picture, the precious metal remains in focus amid shifting market sentiment.
After slipping more than 1% in the prior session, spot gold edged up 0.1% to $2,885.95 per ounce as of 0016 GMT. The metal, which reached a record high of $2,942.70 on February 11, continues to be influenced by uncertainty in trade policies and inflation concerns. US gold futures, however, dipped slightly by 0.1% to $2,897.10.
Trump reiterated his stance on tariffs last Friday, warning that levies on automobiles could take effect as soon as April 2. His Cabinet is set to present reports detailing potential import duties, a move that could significantly reshape global trade dynamics. Meanwhile, US retail sales posted their biggest drop in nearly two years in January, pointing to a sluggish start to economic growth in the first quarter.
Despite economic pressures, traders anticipate that the Federal Reserve will hold off on rate cuts until at least the second half of the year, as inflation remains a pressing concern. The geopolitical landscape also remains a factor, with US Secretary of State Marco Rubio stating that Ukraine and Europe would be integral to any negotiations aimed at ending Russia’s war, ahead of key US-Russia discussions.
Among other precious metals, spot silver slipped 0.2% to $32.08 per ounce, following a recent rally that pushed it to its highest level since October 31, 2024. Analysts suggest silver investors may be eyeing a move towards a decade-high level, riding the momentum that has propelled gold to record peaks.
London-listed company KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project, Jibal Qutman EL and Hawiah.
