Former US Secretary of State Mike Pompeo joins ACG Metals board
Pompeo joins ACG as part of a strategic partnership the firm has signed with Impact Investments LLC, where he is executive chairman.
Gold rose to new all-time high on Thursday as new US economic data weakened the dollar, while tariff threats by President Donald Trump continue to drive safe-haven demand.
Spot gold rose 1.2% to $2,793.25 an ounce by 11:50 a.m. ET, having hit a record $2,798.50 earlier in the session. US gold futures gained 1.9% to $2,846.20 per ounce.
Meanwhile, the US dollar dipped around 0.2% after the latest US GDP growth figures fell below economist forecasts, making bullion less expensive.
The precious metal’s latest attempt to score a new high “most certainly occurred after the softer than expected GDP print which has softened the dollar further,” said Ole Hansen, head of commodities strategy at Saxo Bank.
“If softer growth and lower prices can be maintained, the door for additional cuts will be left wide open,” he added, referring to the Federal Reserve’s decision to hold interest rates steady on Wednesday.
Investors now await the December personal consumption expenditures (PCE) price index report due on Friday for further clues on the Fed’s policy path.
Gold’s rally also follows the Trump administration’s plans to hit Mexico and Canada with steep tariffs, and possibly on China.
“We are seeing keener uncertainty and anxiety about the Trump administration’s new policies on trade and foreign policy,” said Jim Wyckoff, a senior market analyst at Kitco Metals.
“Gold is shining as a safe haven asset, with investors seeking shelter to weather the storm of unpredictability,” added Susannah Streeter, head of money and markets, Hargreaves Lansdown.
(With files from Bloomberg and Reuters)
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