Gold: Tariff conflict fuels safe haven bid – Commerzbank

Commerzbank’s Carsten Fritsch reports that Gold has surged to a three‑month high near USD 4,700 per ounce as US–Canada tariff tensions escalate and concerns over US debt intensify. Silver and Platinum have also rallied. Strong ETF inflows, particularly in North America, suggest sustained investor interest, and the bank sees indications that Gold prices will continue to rise.

Tariffs and ETFs support rally

"The rise in the price of gold continued at the start of the new trading week. Having already risen by more than 5% last week, the price reached almost USD 4,700 per troy ounce overnight, its highest level in more than three months."

"As in previous phases of escalation in the tariff dispute, the price of gold rose significantly, as this could further damage the US dollar’s reputation as a reserve currency and safe haven."

"According to the World Gold Council, gold ETFs recorded their strongest weekly inflows in 10 months, totalling 46.7 tons. Of this, 30.4 tons were attributed to North America and 13.8 tons to Europe."

"Given the current news situation, there are strong indications that ETF purchases will continue and that the price of gold will rise further."