By Stefan J. Bos, Chief International Correspondent Worthy News
NEW YORK (Worthy News) – Gold moved to $2,900 per ounce, and market analysts said the next stop could be $3,000 as fears of a trade war fueled a dash for safe assets.
U.S. President Donald J. Trump announced 25 percent tariffs on all steel and aluminum imports into the U.S. on Monday that would affect “everybody,” including its largest trading partners, Canada and Mexico, in another significant escalation of his trade policy overhaul.
Trump’s pre-announcement came as China’s retaliatory tariffs, announced last week, came into effect.
Yet stock markets in Europe were higher, and in New York later in the day, investors apparently remained confident in the deal-maker-in-chief’s economic abilities.
The S&P 500 index of America’s top companies climbed 0.7 percent after a losing week marked by market worries about how potential tariffs could push up inflation and threaten the economy.
The Dow Jones Industrial Average added 167 points or 0.4 percent, and the technology-heavy Nasdaq composite index rallied 1 percent, led by Nvidia and other Big Tech stocks.
The bond market also remained relatively firm, with Treasury yields making only modest moves after Trump announced over the weekend that he would impose 25 percent tariffs on all steel and aluminum imports and other import duties later in the week.
Amid the turmoil, gold breaking $3,000, which would only require a less than 3 percent rally from Monday’s prices, would be the latest milestone for a roaring 2020s for gold.
The precious metal only crossed $1,000 for the first time during 2008’s great financial crisis and $2,000 for the first time during 2020’s COVID-19 pandemic.
Copyright 1999-2026 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest News from Worthy News
President Donald Trump abruptly canceled planned U.S. strikes against Iran on Thursday, saying a multinational agreement to end the conflict had been approved by top Iranian leadership and was awaiting final documents and a formal signing.
Federal authorities said Thursday they have accounted for 146,000 unaccompanied migrant children who entered the United States during former President Joe Biden’s administration, while roughly 300,000 minors remain unaccounted for, amid allegations that many vulnerable children were placed with fraudulent sponsors and exposed to abuse, labor exploitation, and sex trafficking.
Congress left Washington without renewing Section 702 of the Foreign Intelligence Surveillance Act, allowing a key foreign surveillance authority used to track foreign terrorists and national security threats to expire Friday.
The U.S. Court of Appeals for the Federal Circuit on June 11 temporarily allowed President Donald Trump’s 10 percent global tariffs to remain in effect, extending a pause on a lower court ruling that had struck down the duties as unlawful.
Dutch police detained a young man l man after four people, including three children, were killed when a car struck a group of cyclists during a school outing near the Belgian border on Thursday, officials said.
The leaders of Hungary, Poland, the Czech Republic, and Slovakia are expected to meet this month amid growing debate within the European Union over how future member states should be admitted and monitored.
China has condemned the European Union’s ban on public funding for Chinese-made solar inverters, a move that analysts say could affect more than a fifth of new solar capacity and complicate efforts to meet the bloc’s self-imposed “climate targets.”