Gold Prices Rise as Markets React to Trump’s Tariff Plans and Inflation Concerns

Gold prices climbed on Thursday as investors monitored U.S. President Donald Trump’s tariff proposals, which could escalate global trade tensions. Spot gold increased by 0.6% to $2,922.29 per ounce, nearing its record high, while U.S. gold futures gained 0.7% to $2,949.30. The market is also awaiting U.S. Producer Price Index (PPI) data after January’s inflation report showed a stronger-than-expected rise in consumer prices. Federal Reserve Chair Jerome Powell signaled that rate cuts remain on hold as inflation remains above the 2% target.