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Gold Poised to Overtake Record Peak as Dollar Drops on Trump Remarks
The Business Guardian
|January 26, 2025
Gold prices climbed over 1% on Friday, closing in on its all-time high hit in October, as a weakening dollar on U.S. President Donald Trump's push for lower rates and tariff uncertainty drove the metal towards its fourth straight weekly rise.
Spot gold was up 0.7% at $2,772.79 per ounce by 01:42 p.m. ET (1842 GMT). The prices, which have added 2.7% so far this week, are a mere $17.3 away from the record high of $2,790.15 hit on Oct. 31. U.S. gold futures settled 0.5% up at $2,778.90 per ounce.
"One factor certainly seems to be the drop in the U.S. dollar...some of the biggest factors that are driving it are associated with (President Trump) talking tariffs," said Bart Melek, head of commodity strategies at TD Securities.
This story is from the January 26, 2025 edition of The Business Guardian.
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