WASHINGTON (dpa-AFX) - Despite a stronger dollar, gold prices climbed to fresh record highs on Monday as investors rushed to pick up the safe-haven commodity amid rising concerns about global trade was following U.S. President Donald Trump's threat of more tariff hikes.
Trump said over the weekend that he would announce new 25% tariffs on all steel and aluminium imports, raising fears of a brewing global trade war and its potential impact on the global economy.
German Chancellor Olaf Scholz reportedly emphasized that the EU is prepared to respond 'within an hour' if the US imposes tariffs on European goods.
China's retaliatory tariffs on U.S. goods are set to take effect today. Trump has stated that he would announce reciprocal tariffs on Tuesday or Wednesday that mirror the tariffs those countries charge on American exports.
The dollar index climbed to 108.33, gaining 0.27%.
Gold futures for February closed up $47.00 or about 1.65% at $2,914.30 an ounce, a record closing high.
Silver futures for February settled at $32.392 an ounce, gaining $0.057 or about 0.18%, while Copper futures for February climbed to $4.6965 per pound, up $0.1150 or 2.51% from previous close.
Investors now await the release of U.S. consumer and producer prices data, and Fed Chair Jerome Powell's congressional testimony this week, for some clues about the central bank's interest rate moves in coming months.
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