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Gold Surges To $2,715 As Trump Presidency Concerns Drive Safe-Haven Demand
(MENAFN- The Rio Times) Gold prices climbed for the fourth consecutive session on January 10, 2025, reaching $2,715 per troy ounce on the Comex.
The precious metal recorded a weekly gain of 3% as investors seek safe-haven assets ahead of Donald Trump's presidential inauguration on January 20. The February futures contract on the New York Mercantile Exchange (Nymex) closed up 0.89%.
The rally persisted despite strong U.S. employment data for December 2024. "Concerns about inflation expectations are definitely supporting gold," stated Imaru Casanova, portfolio manager at VanEck International Investors Gold.
Additionally, the Federal Reserve 's interest rate cut cycle, which began with a 50-basis-point reduction on September 18, 2024, continues to influence market sentiment.
However, bond markets reflect growing uncertainty, with the 10-year U.S. Treasury yield surging 88 basis points from its September low of 3.60% to 4.47% on election day.
Chirag Mehta, chief investment officer at Quantum Mutual Fund, views price corrections as buying opportunities. "We recommend a gradual approach to gold accumulation over several months," Mehta explained at a recent investment conference.
In addition, market analysts predict gold could reach $3,000 per ounce in 2025. Trump's proposed tariffs and protectionist measures are expected to fuel inflation concerns.
The strong U.S. dollar and potential trade tensions continue pressuring emerging market currencies. The precious metal's appeal strengthens as investors await clarity on the incoming administration's economic policies.
The precious metal recorded a weekly gain of 3% as investors seek safe-haven assets ahead of Donald Trump's presidential inauguration on January 20. The February futures contract on the New York Mercantile Exchange (Nymex) closed up 0.89%.
The rally persisted despite strong U.S. employment data for December 2024. "Concerns about inflation expectations are definitely supporting gold," stated Imaru Casanova, portfolio manager at VanEck International Investors Gold.
Additionally, the Federal Reserve 's interest rate cut cycle, which began with a 50-basis-point reduction on September 18, 2024, continues to influence market sentiment.
However, bond markets reflect growing uncertainty, with the 10-year U.S. Treasury yield surging 88 basis points from its September low of 3.60% to 4.47% on election day.
Chirag Mehta, chief investment officer at Quantum Mutual Fund, views price corrections as buying opportunities. "We recommend a gradual approach to gold accumulation over several months," Mehta explained at a recent investment conference.
In addition, market analysts predict gold could reach $3,000 per ounce in 2025. Trump's proposed tariffs and protectionist measures are expected to fuel inflation concerns.
The strong U.S. dollar and potential trade tensions continue pressuring emerging market currencies. The precious metal's appeal strengthens as investors await clarity on the incoming administration's economic policies.
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