Gold Prices Surge
Gold prices surged over 1.5% on Friday, reaching approximately $3,350 per ounce, as escalating trade tensions amplified risk aversion among investors. President Trump proposed implementing a 50% tariff on imports from the European Union starting June 1 and further threatened Apple with a minimum 25% tariff unless the company relocates iPhone production to the U.S. These announcements come amid growing investor frustration over stalled trade negotiations. Gold appears set to end the week around 3% higher, buoyed not only by trade-related anxieties but also by increasing concerns regarding the U.S. fiscal outlook. President Trump's latest tax bill, which recently passed the House and is anticipated to face a Senate vote by August, is expected to expand the U.S. budget deficit by nearly $3 trillion over the next decade. Additionally, gold found support earlier this week due to escalating geopolitical tensions, following reports suggesting that Israel might target Iranian nuclear facilities.
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