Gold Climbs After Trump’s EU and Apple Threats Stoke Trade Fears
An employee arranges gold bars at a refinery in Arezzo, Italy.
Photographer: Alessia Pierdomenico/BloombergGold extended its weekly gain toward 5% after Donald Trump threatened to impose sweeping tariffs on the European Union and Apple Inc., fueling demand for haven assets.
Spot bullion rose by as much as 2.1% after the US President threatened a 50% tariff on goods from the European Union starting on June 1, saying “our discussions with them are going nowhere.” US equity futures fell. Trump also threatened Apple with a tariff of at least 25% if it does not manufacture its iPhones in the US.