Gold closed at 3,354 USD per ounce on 11/7, up 31 USD. This marked its highest point since 24/6.

The market's upward trend followed President Trump's announcement on 10/7 of a 35% tariff on all Canadian goods starting next month, increasing from the current 25%. Trump also revealed plans for a general 15-20% tariff on most other trading partners. A day earlier, he signed an executive order imposing a 50% tariff on copper imports.

World gold prices jumped in the 11/7 session. Chart: Kitco

"We are in a volatile environment. Investors have therefore turned to gold as a safe haven," said Aakash Doshi, gold strategist at State Street Global Advisors. He predicts that gold will trade between 3,100 and 3,500 USD in the third quarter.

"Gold has had a very strong first half of the year. Therefore, I think the current price will correct a bit," Doshi stated.

Gold tends to rise during periods of economic uncertainty and low interest rates. Federal Reserve Governor Christopher Waller indicated on 11/7 that the Fed could still cut interest rates this month.

This suggests a division of opinion within the Fed. The minutes of the Fed's June meeting showed that most officials did not support an interest rate cut in July.

Other precious metals also saw gains. Silver increased by 3.9% to 38.46 USD, its highest since 9/2011.

Platinum rose 2.8% to 1,399 USD per ounce, while palladium jumped 6.5% to 1,216 USD.

Tai Wong, an independent metals trader in the US, suggested that palladium's surge may be due to anticipation of an "important" upcoming announcement from President Trump concerning Russia. The announcement, expected early next week, could include sanctions impacting palladium supply.

"Palladium's fundamentals are not strong. But if supply from Russia is disrupted, prices could continue to rise in the short term," Wong commented.

Ha Thu (according to Reuters, Kitco)