Spot Gold rebounded from a one-week low of $3,260.19 per troy ounce on Thursday on likely dip buying.
“The kind of volatility we’re seeing this week is being driven by technicals and headline risk. But the fundamentals are strong, so dip buying is effectively a function of investors moving in on the basis of the bigger picture,” Capital.com’s financial market analyst Kyle Rodda was quoted as saying by Reuters.
“We sustain an uptrend until the Trump administration really backs away from its trade policy.”
US Treasury Secretary Scott Bessent said yesterday that the current high tariff rates between the US and China were unsustainable and should be lowered before trade negotiations can proceed.
At the same time, media reports stated the Trump administration was planning to exempt auto makers from certain tariffs after intense lobbying by industry executives.
Meanwhile, the International Monetary Fund warned that the tariffs would slow economic growth and increase debt globally.
Spot Gold was last up 0.88% on the day to trade at $3,317.17 per troy ounce.
TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover 
