Spot Gold registered a fresh all-time high of $2,865.52 per troy ounce on Wednesday on concerns of a new trade war between the United States and China.
Beijing imposed targeted tariffs on US imports and placed several companies on notice for potential sanctions, as it responded to new US duties on Chinese imports.
US President Trump said yesterday that he was in no hurry to hold talks with Chinese President Xi Jinping to try and alleviate the trade tensions between the two countries.
“Gold continues to see safe haven demand, given the current situation on the trade tension front,” Kelvin Wong, OANDA’s senior market analyst for Asia Pacific, was quoted as saying by Reuters.
Meanwhile, total gold demand surged 1% YoY to a record high of 4,974.5 metric tons (valued at $382 billion) in 2024, a report by the World Gold Council showed.
This week, market players will be paying attention to the US private payrolls report due out at 13:15 GMT today and the Non-Farm Payrolls report due on Friday, which may provide more insight into macroeconomic conditions and the Federal Reserve’s future interest rate path.
Spot Gold was last gaining 0.80% to trade at $2,865.13 per troy ounce.
Gold Futures for delivery in April were up 0.54% on the day to trade at $2,891.29 per troy ounce.
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