Gold: Tariff conflict fuels safe haven bid – Commerzbank
Commerzbank’s Carsten Fritsch reports that Gold has surged to a three‑month high near USD 4,700 per ounce as US–Canada tariff tensions escalate and concerns over US debt intensify. Silver and Platinum have also rallied.
Gold prices have surged to a three-month high near USD 4,700 per ounce, according to Commerzbank’s Carsten Fritsch. The increase is attributed to US-Canada tariff tensions escalating and concerns over US debt. Other precious metals, such as silver and platinum, have also seen a rise in value. Strong ETF inflows, notably in North America, reflect sustained investor interest in gold.
The bank anticipates that gold prices will continue to climb. Following a 5% increase last week, the price of gold reached close to USD 4,700 per troy ounce overnight, marking its highest level in over three months. As in previous tariff disputes, the price of gold tends to surge, potentially diminishing the US dollar's status as a reserve currency and safe haven.
The World Gold Council reports that gold ETFs experienced their strongest weekly inflows in 10 months, amounting to 46.7 tons. Specifically, 30.4 tons were from North America and 13.8 tons from Europe. Based on the current news scenario, there are clear signs that ETF purchases will persist, and the gold price will likely rise further.
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