Gold prices ease from record high after Donald Trump's tariff exemptions
By : Sandhya
After reaching a new high earlier, gold prices fell on Monday, April 14, as trade tensions subsided and US President Donald Trump exempted computers and smartphones from the reciprocal penalties. Consequently, the price of spot gold dropped by 0.1% to $3,232.45 an ounce. Earlier, the yellow metal had reached a record high of $3,245.42. US gold futures, meanwhile, increased by 0.1% to $3,248.20.
Although gold has benefited from a weaker US dollar, news of IT industry tariff exclusions increased risk appetite and reduced demand for safe haven assets. Tim Waterer, chief market analyst at KCM Trade, was reported by news agency Reuters as saying. "Gold has lost its direction as a result of this."
The exclusions from the high reciprocal tariffs were disclosed by the White House on Friday. Trump stated on Sunday, nevertheless, that the exemptions of computers and smartphones from his reciprocal duties on China would not last long. Consequently, gold prices soared beyond $3,200 per ounce for the first time on Friday.