The media reports a sharp rise in gold prices due to Trump's actions

Gold prices rose by more than 1.5%, reaching around $3,350 per ounce, due to renewed trade tensions. This was reported on May 23 by the Trading Economics portal.

Such a sharp jump was caused by the fact that US President Donald Trump proposed to impose a 50% duty on imports from the EU from June 1, and also threatened Apple with 25% duties if the company did not move iPhone production to the United States. The article emphasizes that these statements were made at a time when "investors are increasingly disappointed by the lack of progress in trade negotiations."

It was pointed out that gold was supposed to end the week with an increase of 3% against the background of the adoption of Trump's tax bill, as economists predict it should increase the US budget deficit by almost $3 trillion over the next decade.

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American economist Jeffrey Sachs, in a conversation with Izvestia, called import duties a political mistake.

On April 30, it was reported that global gold purchases in the first quarter of 2025 amounted to 1,206 tons, the highest since 2016, according to a report by the World Gold Council. According to the council, the key factors contributing to the rise in gold prices are the imposition of US duties, geopolitical uncertainty, stock market volatility and the weakness of the dollar.