Gold rises at settlement to highest level since Nov 2024

Gold bars

Gold prices consolidated their gains today, Jan. 21, lifted by a weaker US dollar and increased demand for safe havens as uncertainty surrounding US President Donald Trump's trade policies looms.

At the settlement of today’s trading, gold futures for February delivery climbed by 0.4%, or $10.5, to close at $2,759.20 per ounce, the highest since the end of 2024’s Nov. 5 session.

This came as the US dollar index, which gauges the greenback’s strength against a basket of six major currencies, plunged by 1.15% to 108.07 points at 10:44 pm Makkah time.

During the first year of the Trump administration in 2017, the yellow metal posted a 13% annual gain, its best yearly performance in seven years.

While the newly-elected US president did not provide details on the comprehensive tariffs, he hinted at imposing them on Canadian and Mexican goods as of Feb. 1.