Gold finishes in green amid weaker US dollar

Gold bars

Gold prices extended their gains at settlement today, March 4, thanks to increasing demand for safe-haven assets amid escalating concerns about a potential global trade war after China and Canada responded with retaliatory measures to recent trade policies imposed by the US.

April gold futures gained 0.65%, or $19.50, to finish trading at $2,920.60 per ounce.

This came as the US dollar index, which gauges the greenback’s strength against a basket of six major currencies, contracted by 0.95% to 105.75 points at 10:52 pm Makkah time.

JPMorgan said it still maintains a bullish long-term view on bullion, with a target price of around $3,000 an ounce in the fourth quarter of this year.

Meanwhile, US tariffs on imports from Mexico and Canada took effect today. In parallel, China imposed tariffs on some US imports, starting March 10, together with a series of export restrictions on some US entities.