Escalating US-Canada trade tensions and strong ETF inflows drive gold to USD 4,700 per ounce, its highest level since mid-May.
Gold prices climbed to a three-month high near USD 4,700 per ounce as US-Canada tariff disputes intensified and concerns over US debt weighed on the dollar’s safe-haven status. The rally extended last week’s 5% gain, marking the strongest weekly performance in months.
ETF inflows reached a 10-month high of 46.7 tons, with North America accounting for 30.4 tons and Europe 13.8 tons, according to the World Gold Council. Silver and platinum also advanced, reflecting broader investor demand for precious metals amid geopolitical uncertainty.
Analysts expect the upward momentum to persist, citing sustained ETF purchases and ongoing trade tensions as key drivers for further price increases.