Risk aversion is surging, and gold prices have jumped by 2%.

Stimulated by the latest tariff threats from U.S. President Trump,Do you have to pay taxes before you can withdraw foreign exchange market risk aversion soared, and international gold prices rose strongly last Friday, marking the biggest single-day gain in six weeks. Meanwhile, a softer dollar further supported the overall strength of the precious metals market.

Spot gold rose by 2.1%, reaching $3,362.70 per ounce, a nearly two-week high; U.S. gold futures also closed up by 2.1% at $3,365.80. Looking back over the past week, gold prices have cumulatively risen by 5.1%, becoming a key target for funds seeking a safe haven.

The turmoil in the market stems from a series of tough statements by Trump in the past 24 hours. He stated that the U.S. will impose tariffs of up to 50% on EU imports starting June 1st and threatened a 25% import tariff on iPhones produced overseas by Apple. Such statements sparked a global stock market retreat and led investors to turn to gold to hedge potential risks.

In addition, Trump launched a political offensive against some well-known universities in the U.S., further heightening market concerns over political and economic uncertainty. With the long weekend approaching and trading liquidity low, the surge in risk aversion has amplified price volatility.

In addition to gold, other precious metals also saw varying degrees of increase. Spot silver rose by 1.1% to $33.44; platinum increased by 1.2% to $1,094.05, at one point reaching its highest level since May 2023. Palladium underperformed, falling 1.6% to $998.89, but still recorded a weekly gain overall.

The current precious metals market is overall bullish. With geopolitical tensions, rising trade conflicts, and growing uncertainty over global economic growth prospects, the safe-haven appeal of precious metals is favored by investors. The market will next closely watch the progress of U.S.-EU trade negotiations and U.S. policy towards major tech companies to determine whether gold prices have the momentum to keep rising.

Risk Warning and Disclaimer

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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