Washington, Aug. 1 (BNA): Gold prices rose sharply on Thursday as investors turned to safe haven assets following a global stock market downturn triggered by US President Donald Trump’s announcement of steep new tariffs on dozens of countries starting August 7.

Gold jumped by 1.65% to reach USD 3,347.70 per ounce, gaining USD 54.50. Despite the sharp daily increase, the metal ended the week with a modest overall rise of USD 12.10, or 0.36%, compared to the previous week.

Silver also edged up by 0.64% to USD 36.787 per ounce but posted a weekly loss of USD 1.4030, or 3.67%.

The spike in precious metals followed Trump’s signing of an executive order imposing new tariffs ranging from 10% to 41% on 69 countries. The tariffs are set to take effect within a week, with the delay intended to give US customs officials time to prepare.

M.A.