Gold is emerging as a primary safe haven amid escalating global trade tensions driven by tariffs on imports from Canada, Mexico, and China. This culminates in increased demand, pushing prices past notable thresholds like $2850 per ounce. The bullish sentiment around gold is likely to persist, especially with anticipated retaliation from affected nations as economic growth faces downward pressures. Concurrently, the oil market struggles with prices falling below $72, impacted by oversupply and OPEC+ production plans that further inflate supply and maintain downward pressure.
Gold is increasingly seen as a safe haven amidst global trade tensions, with rising demand reflecting concerns over the impact of tariffs on the economy.
Tariffs on imports are driving gold prices up, highlighting its role as a hedge against trade risks and underlying economic uncertainty.
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