Mars Finance News, on June 2, gold prices surged by 2% on Monday as investors turned to safe-haven gold amid escalating Russia-Ukraine conflict and U.S. President Trump's renewed threat to double tariffs on imported steel and aluminum. Trump stated last Friday local time that he plans to raise tariffs on imported steel and aluminum from 25% to 50%, prompting the European Commission to warn of potential retaliation. Tim Waterer, chief market analyst at KCM trade, said: "It's not surprising that gold prices opened higher this week as trade and geopolitical concerns resurface." Before the second round of peace talks in Istanbul, hostile actions between Ukraine and Russia escalated, with both sides launching attacks, including one of Ukraine's most daring strikes in the conflict and a Russian drone attack at night. "Risk assets declined after market opening, and the falling U.S. dollar also supported gold prices," Waterer stated. (Jinshi)
Gold prices surged on Monday as tariff concerns boosted safe-haven demand
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