Gold hits three-week high on uncertainty over Donald Trump tariff plans

Gold rose nearly 2 per cent to a three-week high on Monday, fuelled by a fresh wave of safe-haven demand on uncertainty ​over US President Donald Trump's tariff plans after he vowed ​to raise duties following the Supreme Court's ruling against his earlier levies.

Spot ‌gold was up 1.8 per cent at $5,198.72 per ounce by 11:11 a.m. ET (1611 GMT), having hit its highest since January 30 earlier in the session. The metal touched a record high of $5,594.82 an ounce on January 29.

US gold futures for April delivery were up 2.7 per cent at $5,219.

"There're a lot of economic and political problems around the world, and with markets quieter during the Lunar New Year, our expectation is that gold prices could rise sharply this week once activity picks up," said CPM Group managing partner Jeffrey Christian.

 

Trump on Monday renewed his criticism of ‌the Supreme Court's ruling against his tariff plan, after announcing on Saturday that he would raise a temporary tariff on all US imports from 10 per cent to 15 per cent, the maximum allowed by law.

Mainland China, a major gold consumer, remained closed for the Lunar New Year holiday and will reopen on Tuesday.

"In a longer-term view over the next several quarters, we think the gold price will continue to rise and ​probably set new records," Christian said.

Data on Friday showed underlying US inflation rose more than ‌expected in December, while separate figures indicated economic growth slowed sharply in the fourth quarter, a combination that could pressure the Federal Reserve to keep ​interest rates ‌higher for longer.

Markets are awaiting signals from a slew of Fed speakers this week that ‌could further illuminate the policy path, and any updates on developments concerning the US and Iran.

Gold, seen as a safe store of value during economic and ‌geopolitical ​uncertainty, also tends ​to perform well when interest rates are low.

Spot silver climbed 2.8 per cent to $86.93 an ounce, a more than two-week high. Platinum edged 1.5 per cent lower to $2,123.86 ‌an ounce, while palladium ​lost 1.2 per cent to $1,726.50 an ounce.  Avendus credit fund crosses ₹2,200 crore in commitments 

Avendus Structured Credit Fund III (ASCF III), the third fund under Avendus Group’s high-yield performing credit platform, has raised commitments of over ₹2,200 crore, activating its greenshoe option. It had achieved its first close in April 2025 with about ₹1,000 crore and reached its base size within eight months. ASCF III is targeting a total corpus of ₹4,000 crore, including a ₹2,000 crore greenshoe — four times the size of its predecessor ASCF II. The fund has already deployed over ₹1,200 crore, nearly 60 per cent of committed capital and is tracking a gross IRR of about 18 per cent, the company said in a press release.