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Gold prices remained stable on Monday, staying near their all-time high due to concerns over U.S. tariffs and anticipation of an important U.S. inflation report later this week.
Spot gold was steady at $2,934.82 per ounce, while U.S. gold futures dropped slightly by 0.1% to $2,950.10 per ounce. The record high for gold was reached last Thursday at $2,954.69.
This comes in the wake of additional tariffs, including a 10% tax on Chinese imports and a 25% tariff on steel and aluminum. Traders are closely watching the direction of U.S. interest rates.
Rising inflation could prompt the Federal Reserve to keep rates high, which would reduce gold’s appeal as an asset that doesn’t generate yield. As for other precious metals, silver fell by 0.1% to $32.58 per ounce, while platinum rose by 0.7% to $976.25 and palladium gained 0.4% to $972.93.
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