Gold Spikes Amid Rising Trade Tensions Between | Commodities
(RTTNews) – After a comparatively modest rebound within the earlier session, the price of gold confirmed a more substantial transfer to the upside during trading on Wednesday.
Gold for April supply surged $88.10 or 3.0 % to $3,056.50 an ounce, marking the biggest one-day proportion gain since October 13, 2023.
The price of gold added to the $17.10 an ounce or 0.6 % increase seen on Tuesday, persevering with to regain ground after plunging by $188.60 or 6.0 % over the three previous classes.
Gold was seemingly as soon as again seen as a secure haven amid ongoing trade warfare issues after President Donald Trump’s new tariffs, together with a 104 % complete levy on Chinese imports, took impact.
China retaliated by asserting it’s going to increase its tariffs on U.S. items to 84 % from 34 % simply after midnight on Thursday.
Trump later struck back, asserting in a post on Truth Social that he’s raising the tariff on China to 125 % due to the “lack of respect” they’ve proven to the world’s markets.
However, in the identical social media post, Trump introduced a 90-day pause on the new “reciprocal tariffs” on different international locations to permit for negotiations.
White House press secretary Karoline Leavitt informed reporters that tariffs can be introduced down to a “universal 10 percent” degree during the 90-day pause.
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