Gold Prices Rise From 3-wk Low; Trump’s New Tariff Threat Reignites Haven Demand
Gold prices rose in Asian trading on Tuesday, rebounding from a three-week low as investors sought safety amid escalating trade tensions between the U.S. and China.
As of 02:12 ET (06:12 GMT), Spot Gold rose 0.7% to $3,002.68 per ounce.
Gold fell below $3,000 per ounce in the previous session to hit its lowest level since March 13 as investors liquidated their positions to cover losses in other financial markets.
“Gold is traditionally a safe haven, but sometimes investors sell it along with other asset classes to cover losses elsewhere,” ING analysts said in a note.
Gold Futures expiring in June rose 1% to $3,024.0 an ounce on Monday.
The safe-haven appeal of the yellow metal was reignited after U.S. President Donald Trump on Monday threatened to impose an additional 50% tariff on Chinese goods if Beijing did not roll back its recent 34% increase on American imports.
Source : Investing.com