Gold stocks surge as Trump tariff threats boosts bullion price
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The news: Gold stocks led gains on the ASX 200 as gold rose to a record high, with US President Donald Trump's latest threats to impose tariffs on Mexico and Canada stoking concern over global economic impacts.
The numbers: Vault Minerals (6.2%), De Grey Mining (3.9%), Newmont (3.8%) and Bellevue Gold (3.5%) made up four of the top 10 performing ASX 200 stocks by 1:40pm AEDT.
Materials, up 1.2%, was the best performing sector as the ASX 200 index added 0.3%.
Bullion climbed as high as 0.2% to USD2,799.65 an ounce after prices jumped 1.3% on Thursday, topping the previous all-time peak set in October, according to Bloomberg data.
The context: Gold's latest surge came after Trump reiterated plans to impose 25% levies on imports from Canada and Mexico on 1 February. He also threatened China with unspecified tariffs.
Gold has rallied in recent weeks as investors turned to the safe haven metal, with Trump's tariff threats threatening wider economic growth.
The source: Bloomberg
