China calls rate escalation “blackmail”
Focus on the Fed -minutes of Wednesday
Palladium rises more than 1%
April 8 – Golden prizes rose again on Tuesday above $ 3,000 per ounce as a weaker US dollar and escalating trade tensions between the two largest economies in the world increased demand for the safe haven.
Spot gold rose by 0.8% to $ 3.007.69 per ounce at 10:58 am et, away from a low-touched low-striking of more than three weeks in a withdrawal of last week’s record height of $ 3,167.57. US Gold Futures won 1.6% to $ 3,021.90.
“Despite the fall of three consecutive sessions, Gold Bullish with trade tensions and the prospect of lower American interest rates that increase the allure,” said Lukman Otunuga, senior research analyst at FXTM.
“A solid breakout above $ 3,055 can open the doors to $ 3,100 and $ 3,130. Persistent weakness under $ 3,000 could see Gold slip to $ 2,950 and $ 2,930.”
Concern about a worldwide trade war Since the announcement of US President Donald Trump of mutual rates On 2 April, the fear of a recession has yielded and investors encouraged to seek refuge in safe port activa such as gold.
China has refused to bow to what the “blackmail” from the US called as a global trade war that was created by Trump’s radical rates, showed few signs of decrease.
Gold, often used as a safe store of value in times of political and financial uncertainty, has risen by 15% this year.
Furthermore, helping gold, the dollar index .dxy fell against its rivals, making precious metal cheaper for other currency holders.
Investors are now looking forward to minutes of the last policy meeting of the US Federal Reserve that is due on Wednesday for more instructions on the path of tariff reductions.
Traders praise in about 40% chance of a FED reduction in May. Zero yield bullion tends to thrive in a low interest environment.
“The significant increase in the expectations of the interest rate reduction in the last few days suggests that the gold price will increase again soon,” said Commerzbank in a note.
Elsewhere, Spot Silver won 0.1% to $ 30.15 per ounce, platinum rose by 0.2% to $ 915.25 and Palladium illuminated 1.23% to $ 907.43.
This article was generated from an automated feed from the news agency without changes in text.
