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 1999-2025 Worthy News. This article was originally published on Worthy News and was reproduced with permission.
Latest Stories from Worthy News
Iran and the United States held several hours of intensive talks in Muscat on Saturday, with discussions focused on Tehran’s rapidly advancing uranium enrichment program.
Tensions were rising between the United States and Canada early Wednesday amid a miraculous political resurrection of Canada’s Liberal party, which won a fourth term in office with its leader Mark Carney pledging to stand up against U.S. President Donald J. Trump.
Israel is preparing to significantly escalate its military operations in Gaza following the collapse of hostage deal negotiations, a senior defense official said Monday. The move will include a major call-up of reservists and intensified fighting across the Strip.
An Israeli official said Monday that there is “no chance” Israel will accept a proposed five-year truce with Hamas currently being discussed by Arab mediators, rejecting it as a plan that would allow the terror group to “rearm, recover, and continue its war” against Israel.
President Donald Trump and Secretary of State Marco Rubio discuss the ongoing negotiations for peace in the war between Russia and Ukraine.