(Reuters) – The price of gold is advancing more than 1.6% on Monday to cross the level of $ 2.900 for the first time on Monday on Monday, demand for precious metal, considered as the refuge value par excellence, Being stimulated by fears of a trade war after US President Donald Trump announced new customs duties on imports from the United States.

The cash in cash takes 1.68% at 2,907.49 dollars an ounce at 4:13 p.m. GMT after reaching a record of 2,911.30 dollars earlier during the day.

US Gold term contracts increased by 1.59% to 2,933 dollars.

“It is obvious that the tariff war is at the origin of this increase; it simply reflects greater uncertainty and greater tension in the situation of world trade,” said Edward Meir, analyst at Marex.

Donald Trump announced on Sunday his intention to impose additional customs duties of 25% on imports of steel and aluminum in the United States. He must also announce reciprocal customs duties to all the countries concerned on Tuesday or Wednesday, with an almost immediate entry into force.

Customs duties are largely perceived as inflationists.

This busy week also invites caution, investors awaiting the publication of the consumer price index and the production price index in the United States, which will be published on Wednesday and Thursday respectively, and could arouse New concerns about the evolution of American interest rates.

Gold is considered to be a safe investment in times of economic and geopolitical turbulence, but high interest rates often reduce the attraction of this asset without yield compared to the obligations.

“If the American consumer price index should be higher than expected, still delaying the next drop in Fed rates, this could lead to immediate benefits on cash in cash,” warns Han Tan, analyst analyst At Exinity.

The Lingot has already reached its seventh record this year, with the effect of threats of customs tariffs by Donald Trump, who fueled uncertainty on global growth, trade wars and inflation, encouraging investors to turn to Gold as an active refuge.

The price increase benefits listed companies in the sector.

On the New York Stock Exchange, the shares of the Newmont and Barrick Gold mining groups increased 2.8% and 0.74% respectively.

The action listed in the United States of the South African mining company Gold Fields advances 5.3% and that of Harmony Gold takes 3.5%.

On the Toronto Stock Exchange, Agnico Eagle Mines and Kinross Gold also progress.

Supported by the Lingot rally, cash in cash advances from 1.3% to $ 32.22 per ounce after reaching its highest level in three months on Friday.

Platinum takes 1.1% at 986.80 dollars and Palladium 2.2% at 985.50 dollars.

(Written by Daksh Grover and Anmol Choubey in Bangalore; Diana Mandia, edited by Blandine Hénault)

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