WASHINGTON (dpa-AFX) - Gold prices rose to a fresh record high on Tuesday on safe-haven buying amid concerns the imposition of tariffs by the U.S. and other major countries could hinder economic growth.
Although the U.S. President Donald Trump has delayed tariffs against Mexico and Canada, he imposed a 10% tariff on all imports from China. The move has attracted retaliatory action from China, which has slapped tariffs on energy goods from the U.S.
Investors also noted Boston Fed President Susan Collins, Atlanta Fed President Raphael Bostic and Atlanta Fed President Raphael Bostic's warnings that the Trump administration's plans for trade tariffs come with inflation risks, creating uncertainty over the Federal Reserve's rate path.
The dollar's sharp fall supported the yellow metal. The dollar index dropped to 107.94, losing nearly 1%.
Gold futures for February closed up $19.40 or about 0.68% at $2,853.30 an ounce.
Silver futures for February settled at $32.888 an ounce, gaining $0.496 or about 1.53%, while Copper futures for February climbed to $4.3655 per pound, up $0.0600 or about 1.4%.
The Labor Department released a report on Tuesday showing job openings in the U.S. fell by much more than expected in the month of December.
The report said job openings tumbled to 7.6 million in December after climbing to an upwardly revised 8.2 million in November.
Economists had expected job openings to dip to 8.0 million from the 8.1 million originally reported for the previous month.
Reflecting a steep drop by orders for transportation equipment, the Commerce Department released a report on Tuesday showing new orders for U.S. manufactured goods decreased by more than expected in the month of December.
The Commerce Department said factory orders slumped by 0.9% in December after sliding by a downwardly revised 0.8% in November.
Economists had expected factory orders to fall by 0.7% compared to the 0.4% decline originally reported for the previous month.
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