Gold Commentary : Gold hits record high on weak USD, tariffs, and growth worries Says Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd
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Gold prices raced to an all-time high, driven by a weaker dollar, trade war tensions and concerns over global economic growth due to U.S. President Donald Trump's tariff plans which led to safe-haven inflows. Last week, Trump raised duties on China to 145%, prompting Beijing to jack up levies on U.S. goods to 125%. Federal Register filings showed the U.S. administration is advancing investigations into pharmaceutical and semiconductor imports in a bid to impose tariffs. In recent update, China put a brake on Boeing deliveries as trade war with US escalates. While, on other hand, US government has indefinitely banned Nividia from Selling H20 Chips to China, this product based escalation creates riskier picture for the global growth. As the tariff tensions and threats increase US Yields also rose sharply marking a high of ~4.59%; while Dollar index languished against its major crosses falling below the 100 mark. On data front, China CPI, retail sales were reported better than expectations; US GDP YoY in-line with previously reported data at 5.4% but, QoQ was slightly lower from expectations and previous quarter. Focus today will be on US Retail sales and Industrial production data and Governor Powell’s speech.
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