BENGALURU- Gold prices inched higher on Monday, supported by a weaker dollar and safe-haven flows amid fears of a global trade conflict, while investors awaited further signals to gauge the US Federal Reserve’s interest rate stance.
Spot gold was up 0.1 percent at $2,912.79 an ounce while US gold futures rose 0.2 percent to $2,919.40.
The dollar index hovered near a four-month low hit last week, making greenback-priced gold less expensive for overseas buyers.
“There are mounting downside risks to growth, while US foreign policy is also a source of uncertainty, boosting the appeal for gold,” Capital.com’s financial market analyst Kyle Rodda said.
“I think $3,000 is a level we’ll breach soon – probably in the next couple of months at the latest.”
US President Donald Trump declined to predict whether the US could face a recession amid stock market concerns about his tariff actions on Mexico, Canada and China over fentanyl.
Seesaw tariff announcements have unnerved Wall Street as investors say flip-flopping moves by the Trump administration to roll back levies on trading partners are causing confusion rather than bringing relief.
