Gold futures surpassed $3,500 per troy ounce after news of a 39% tariff on Swiss exports. The U.S. dollar remains weak, down 9.4% year-to-date, and analysts suggest President Trump's comments favoring a weaker dollar may have undermined confidence. Growing tariffs on allies like Brazil and India may alienate them further, pushing BRICS nations closer together. Analyst Thierry Wizman warns of negative political ramifications for the U.S., suggesting that if tensions over tariffs persist, countries may increasingly collaborate against the U.S. dollar's dominance as a reserve currency.
Gold futures reached a record high of over $3,500 per troy ounce due to a 39% tariff on Swiss exports, indicating significant market reactions to geopolitical tensions.
The U.S. dollar is down 9.4% YTD, with many believing it will not recover significant ground as President Trump's desire for a weaker dollar influences perceptions.
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