The June gold futures price on the New York Mercantile Exchange surged by 3.27 percent on Wednesday from the previous trading day, once again setting a new historical closing high.
As of the market close, the gold futures rose to 3,346.4 U.S. dollars per troy ounce.
According to some analysts, investors sought shelter by buying gold as a safe-haven asset following a speech made by U.S. Federal Reserve Chairman Jerome Powell earlier on Wednesday.
Powell warned that the administration's tariff hikes are likely to cause a short-term rise in inflation, while supply chain disruptions could lead to more persistent pressure.
Int'l gold prices hit new high
Int'l gold prices hit new high
Int'l gold prices hit new high
Int'l gold prices hit new high
Major German car makers have reported net profit declines in the first quarter of 2025 as they face increasing operation challenges amid U.S. tariff-created uncertainties.
Volkswagen Group said its sales revenue in the first three months of 2025 grew by nearly three percent year on year, but the earnings after tax slumped about 41 percent from the previous year.
Challenges such as uncertainties in the global economy, increasing trade restrictions, and commodity volatility are placing pressure on the company's profitability, Volkswagen Group said in its financial results released on Wednesday.
Mercedes-Benz Group also reported a net profit reduction in the first quarter of 2025.
In its financial report released on Wednesday, the company said its first-quarter revenue amounted to 33.2 billion euros, down seven percent year on year, and its net profit stood at 1.73 billion euros, marking a 43-percent decline compared to the previous year.
Mercedes-Benz Group said that the U.S. tariff policy causes considerable uncertainty for the world economy, dims global growth prospects, and leads to weak consumer sentiment.
If the currently-announced U.S. tariffs are implemented and remain in place until the end of the year, they will have a negative impact on its business, Mercedes-Benz Group said.
On the same day, the German Association of the Automotive Industry called on the United States to roll back additional tariffs on automobiles and auto parts for vehicles and to resolve trade disputes through dialogue to create a sustainable environment for long-term development.
Major German carmakers report profit decline in Q1 2025
