Trade Tensions Boost Gold
Gold surged to a new record in the Asian session, briefly touching $4,169.66 per ounce. Spot prices were last at $4,164.80 (+1.3%) and US futures at $4,175.92 (+1.0%). This surge underscores the strong market appetite for safe haven assets amidst global tensions.
The primary trigger came from the ongoing US-China trade tensions. After Beijing restricted exports of critical minerals, Donald Trump threatened 10% tariffs on Chinese imports—then tempered his threat with the message, "Don't worry about China." These mixed signals sent investors seeking refuge in gold.
In his own words, US Treasury Secretary Scott Bessent said the planned Trump-Xi meeting later this month in South Korea remains on schedule. China's Ministry of Commerce also confirmed working-level talks taking place this week, while stating its readiness to "stand to the end" against US policy. The result: tensions remain high, and cautious sentiment persists.
A slightly weaker US dollar also boosted gold prices. Silver also showed some teeth, rising 2% to $53.47 an ounce and hitting a new peak, while platinum futures gained 1.2% to $1,704.55. Looking ahead, the direction of precious metal prices will be sensitive to headlines regarding tariff dialogue and progress—a tougher tone could potentially keep the rally under control, while a sign of peace could trigger a pause in the rally. (asd)
Source: Newsmaker.id
