Gold surges toward $4,700 on tariff led safe-haven rush

Gold prices vaulted toward the $4,700 per ounce mark in Asian trading on Monday, touching a fresh record as investors scrambled for safe-haven assets following President Donald Trump?s announcement of new tariffs on European countries. Trump said a 10% tariff on goods from eight European nations would take effect from February 1, with the rate potentially rising to 25% by June if no agreement is reached over US control of Greenland. The tariff threat sent the dollar index below 99, retreating from multi-week highs and weakening against traditional safe-haven currencies such as the yen and Swiss franc. Reflecting the global rally, MCX bullion futures for February delivery climbed nearly 2% to Rs 1,45,090 per 10 grams, as gold continued to benefit from a potent mix of geopolitical risk, robust safe-haven demand and strong underlying fundamentals.

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