Gold Price Retakes $2,900 Mark Amid Broadly Weaker USD

FXStreet23:34 ET

The expectations for tariffs continue to ferment, causing significant fluctuations in Copper within a week.

Recently, the main factors driving the prices of gold and copper are expectations regarding tariffs. In addition to the anticipated 25% tariffs on Canada and Mexico, many Institutions predict that the Trump administration may impose a 10% tax on imported refined copper. Gold and copper prices on COMEX continue to strengthen, especially the premium of copper prices compared to other market prices has rapidly widened, reaching a historic high. On Friday, copper prices fell sharply; on one hand, USA retail data showed significant weakness, and on the other hand, there may be new news about tariffs, causing price spreads to narrow significantly as prices fell, with gold prices also following suit in the correction.

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