Online Reporter
Gold climbed after a three-day skid on sustained fears that US President Donald Trump’s increasingly hostile trade war, plus retaliation from some nations targeted, could risk a global economic downturn.
The precious metal rose back above $3 000 an ounce, after shedding almost 5 percent over the prior three days, the worst such drop since 2021. In his latest move, Trump threatened to slap an additional 50 percent levy on Chinese imports, while Beijing responded by saying it’s prepared to “fight to the end”.
Bullion has roared higher this year — setting successive records and luring inflows to exchange-traded funds — as the prospect of widespread economic disruption fanned haven demand. Still, with global markets selling off sharply in recent sessions, gold was also hit in the turmoil, as can happen during periods of extreme dislocation as investors seek to cover losses elsewhere.
Gold for immediate delivery added 0.6 percent to $3 000.63 an ounce at 1:45pm in Singapore. Silver was flat, while palladium and platinum both rose more than 1 percent. The Bloomberg Dollar Spot Index edged lower. – Bloomberg
