Gold Gains On Softer Dollar After Trump’s State Of The Union Address
Traders were also reacting to President Trump’s annual State of the Union (SOTU) address to Congress.
Spot gold traded up 0.8 percent at $5,187.20 an ounce, after having touched a high of 5,210.57 earlier. U.S. gold futures were up 0.6 percent at $5,204.59.
The dollar index was a tad lower against its major peers, making bullion cheaper for other currency holders.
As new global tariffs take effect at 10 percent, U.S. President Donald Trump slammed last week’s Supreme Court tariff decision as “very unfortunate,” adding that U.S. trading partners “want to keep the deal that they already made” with his administration.
In his State of the Union address, Trump also said that the tariffs paid by foreign countries will replace the modern-day system of income tax.
“As time goes by, I believe that tariffs, paid for by foreign countries, will, like in the past, substantially replace the modern-day system of income tax, taking a great financial burden off the people that I love,” Trump said.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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