Spot Gold registered a fresh 2-week high of $3,387 per troy ounce on Tuesday, as the Trump administration opened a new front in the trade war, fueling demand for safe-haven assets.
US President Donald Trump on Sunday greenlit a new 100% tariff on movies not produced in the United States. Labeling foreign support for film production as a “national security threat,” he gave government agencies the go-ahead to explore the implementation of the levy.
Yesterday Trump also announced plans to unveil pharmaceutical tariffs over the coming weeks.
Meanwhile, the latest US employment data cemented expectations that the Federal Reserve will likely keep interest rates on hold this week. The US central bank has faced continued pressure from President Trump to lower borrowing costs.
Market players will also be paying attention to speeches by several Fed officials later in the week.
Spot Gold was last up 1.33% on the day to trade at $3,378.64 per troy ounce.
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