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Gold prices climb 2% as US tariffs take effect, dollar wavers

World News

09-04-2025 | 03:38

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Gold prices climb 2% as US tariffs take effect, dollar wavers

Gold prices climbed nearly 2% on Wednesday as the dollar weakened after U.S. President Donald Trump's tariffs on China took effect, with most traders flocking to safe-haven bullion for cover as global trade and recession jitters intensified.

Spot gold was up 1.9% at $3,038.54 an ounce, as of 0700 GMT. U.S. gold futures rose 2.2% to $3,056.60.

The dollar lost ground, making greenback-priced gold cheaper for overseas buyers.

Trump ratcheted up duties on Chinese imports to 104% to counter Beijing's retaliatory tariffs, accusing Beijing of manipulating the yuan to offset the levies. China refused to bow to what it called a blackmail, vowing to "fight to the end."

Country-specific tariffs took effect at 12:01 a.m. Eastern Time (0401 GMT), as planned.

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