Gold finishes at record high

Gold bars

Gold prices finished in the green today, Feb. 3, thanks to the increasing demand for safe-haven assets amid uncertainty about the new US administration's trade policies and their repercussions on global markets.

April gold futures grew by 0.8%, or $22.10, to end at $2,857.10 per ounce, a new record high for the yellow metal.

This came although the US dollar index, which gauges the greenback’s strength against a basket of six major currencies, added 0.55% to 108.95 points at 10:44 pm Makkah time.

The US decided to impose 25% tariffs on Canadian and Mexican imports starting tomorrow, Feb. 4. In addition, the 10% tariffs imposed on Chinese goods raised fears of a trade war that could slow global economic growth.

This week, markets are awaiting the release of economic data on the US labor market, eyeing monetary policy prospects that the Federal Reserve may adopt this year, after it fixed interest rates at its January meeting.