28/02/2025 Evening Reports
– Gold was set for its first weekly loss of 2025 as investors took profits from a record rally, driven by concerns over President Trump’s tariff plans, which strengthened the dollar.
– Bullion traded around $2,840 on Friday, down for the second consecutive session, after Trump announced tariffs on Canada, Mexico, and additional levies on China.
– The stronger U.S. dollar made gold less appealing to foreign buyers.
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– Oil dropped toward its biggest monthly loss since September as Trump escalated tariff threats, reducing investor risk appetite, strengthening the dollar, and clouding energy demand.
– West Texas Intermediate futures fell 1%, below $70 a barrel, down over 4% for the month.
– Trump confirmed tariffs on Canadian and Mexican imports starting March 4, including a potential 10% levy on Canadian energy, and threatened to double tariffs on Chinese imports, Beijing vowed countermeasures.
