Spot Gold registered yet another all-time high of $3,357.40 per troy ounce on Thursday, after which pulled back from that level as investors likely took profits.
An escalation of US-China trade tensions has kept safe haven assets underpinned. The US has restricted chip sales to China and US President Trump has also ordered a probe into potential new tariffs on all critical mineral imports, many of which originate from China.
Meanwhile, the Chinese government has ordered airlines not to take any further deliveries of Boeing aircraft in response to the recently imposed US tariffs on Chinese goods.
“Everything is going gold’s way, propelling prices to fresh highs. Although pullbacks are reasonable, the precious metal is poised for further gains as trade bedlam continues,” Nikos Tzabouras, senior market analyst at Tradu.com, was quoted as saying by Reuters.
“Sino-Western tensions show no signs of easing … and the dollar has become a casualty of Trump’s trade policies, with its role as a safe haven now questioned further, strengthening gold’s appeal.”
Spot Gold was last down 0.62% on the day to trade at $3,322.41 per troy ounce.
Strong central bank buying, US tariff plans, potential rate cuts by the Federal Reserve and escalating geopolitical tensions have fueled Gold’s rally to a series of record highs this year. Year-to-date, the yellow metal has surged 26.55%.
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