Gold Hit Record High Amid Trade War Concerns, ANZ Research Says
Trade war concerns boosted gold to a its all time high of $2,873 per ounce earlier as investors scrambled for physical deliveries, according to a Thursday report from ANZ Research.
Gold little change at $2,868.70 per ounce as of Thursday.
Traders are concerned that the US could place tariffs on precious metal imports into the US following President Donald Trump's recent announcements of tariffs against Canada, Mexico, and China. Trump then delayed the tariffs imposed on Canada and Mexico.
The report noted that there was gold withdrawal from the Bank of England's vaults, a key lender to the industry, faced waiting times of a week.
Gold in the Bank of England's vault is trading at a discount of more than $5 per ounce below spot prices to the wider market.
One-month lease rates have jumped to about 4.7%.
Source : MT Newswires