Copper price gains in London after report of delayed US tariff rollout
me-metals: Copper rose 0.9% during Donald Trump’s inauguration day while gold edged higher, following news reports that the new US president will refrain from immediately implementing aggressive tariffs.
According to me-metals cited from mining.com, A Bloomberg gauge of the dollar fell as much as 1.2% following a Wall Street Journal report that Trump will stop short of imposing new tariffs on his first day in office. A weaker dollar makes metals cheaper in other currencies.
Premiums for gold and copper on the New-York based Comex also narrowed after the report, cooling a trend that has seen US metal prices surge above other international benchmarks on the threat of tariffs.
Investors are also watching for sharper geopolitical tensions, after Trump took aim at some traditional allies including Canada, Mexico and Europe in the lead up to his inauguration. While that could boost gold’s value as a haven, it may also lift the US dollar, presenting a headwind to prices.
Spot gold rose 0.2% to $2,708.21 an ounce as of 2:37 p.m. in New York, following three weekly gains. Silver and platinum rose, while palladium fell. Copper closed at $9,275 a metric ton on the London Metal Exchange, while other industrial metals also settled higher.
source: mining.com
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