Previous Metals Preview: Gold,.Silver well supported as US slaps fresh tariffs on EU and Mexico

COMEX Gold futures are holding around one-week high of $3370 per ounce as global trade concerns kept the metal supported. The counter added around 2.50% for the last week. The US President Donald Trump announced a 35% tariff on Canadian imports and also talked about blanket tariffs of 15% to 20% on most of America's trading partners and announced plans to make a 'major statement' on Russia. This kicked in safe-haven demand for Gold and the metal rose despite the strength in the US dollar index. COMEX Silver futures also spiked above $39 per barrel to hit around 14-year highs as sentiments stayed well supported for the metal despite a muted action in Gold and Copper. Over the weekend, the global tariff uncertainty escalated further as US stated that goods imported from Mexico and the European Union will face a 30% US tariff beginning August 1.

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