Gold prices soared in February. It has never been so expensive
Donald Trump is driving the gold market. Tuesday’s price reaches its February high.
The price of gold has just reached its highest level since the beginning of February. According to analysts, the impetus for such intensive purchases of the precious metal comes from overseas, or more precisely from Donald Trump and his reaction to last week’s decision of the US Supreme Court.
Gold prices are breaking February records
On Monday afternoon, gold prices increased by over 1%, reaching almost $5,190. per ounce, i.e. approximately PLN 18,540. This is a clear signal that the metal is regaining its long-term position on the market.
As CNBC notes, quoted by “Business Insider”, the dollar weakened after the US Supreme Court ruled on Friday that Donald Trump’s radical tariffs exceeded his powers. As a result, goods priced in dollars, such as gold, became more affordable for foreign buyers. And as a result, they influenced today’s quotations.
Historic Trump tariff ruling
Let us recall that last Friday the US Supreme Court found that most of the tariffs imposed by US President Donald Trump are illegal. This ruling hit one of the pillars of his economic strategy, which not only served the American president to play off foreign partners, but was also intended to rebuild the domestic industry and strengthen the US position in global trade.
On the same day, Donald Trump announced the introduction of a global base tariff of 10 percent, invoking Section 122 of the Trade Act. This provision allows the president to impose tariffs for up to 150 days without congressional approval in the event of “severe balance of payments deficits.” On Saturday, Trump raised the rate to 15%, the maximum level under the law.
