PRECIOUS-Gold scales 7-week peak as Trump’s Mexico threat rattles markets

PRECIOUS-Gold scales 7-week peak as Trump's Mexico threat rattles markets
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* Trump vows tariffs on Mexico unless illegal immigration ends * Spot gold up 1.5% so far this month * Platinum heads for biggest monthly loss since 2015 * Silver on track for fourth straight monthly loss (New throughout, updates prices, market activity and comments) May 31 (Reuters) – Gold climbed to a seven-week high on Friday and was headed for its first monthly gain in four months, as investors sought a safe haven after U.S. President Donald Trump threatened tariffs on imports from Mexico, which fed fears of a global downturn. Spot gold jumped 1% to $1,301.81 an ounce by 12:08 p.m. ET (1608 GMT), having hit its highest since April 11 at $1,304.24. The bullion has risen by about 1.5% so far this month and is also on track for a second consecutive weekly gain, advancing by about 1.4% for the week. U.S. gold futures rose 1.1% to $1,301.50. “People are doing fear trade now and running towards gold,” said Michael Matousek, head trader at U.S. Global Investors. He noted investors were unsure of what Trump planned to do. “That tells you need to have higher allocation to gold in your portfolios.” Trump on Thursday said Washington will impose a 5% tariff on all goods coming from Mexico, starting on June 10, until the flow of illegal immigrants into the United States ceases. Meanwhile, Mexico’s President Andres Manuel Lopez Obrador said he would respond with “great prudence” to the threats and called on Mexicans to unite to […]

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