- Gold prices continued to make strong gains in Asian trading on Thursday, approaching a record high, as demand for safe-haven assets remained strong amid escalating trade tensions with China, despite President Donald Trump announcing a 90-day pause on reciprocal tariffs for most countries.

- Spot gold rose by 1.6% to $3,123.58 per ounce, while gold futures expiring in June increased by 1.9% to $3,137.61 per ounce.

- The yellow metal reached an all-time high of $3,168 per ounce on April 3, following the announcement of tariffs. Still, significant losses in other financial markets led investors to sell gold to cover their losses in different positions, causing subsequent declines.

- Gold gained momentum on Wednesday after the new U.S. tariffs officially took effect.

- While Trump quickly announced a 90-day pause for most trading partners, he raised tariffs on Chinese imports to 125%, fueling fears of further trade disruptions.

- Meanwhile, China’s elevated tariffs of 84% on U.S. imports took effect on Thursday.

- These mixed signals have left investors cautious about further escalation between the world’s two largest economies. Continued uncertainty around trade policies continues to drive demand for gold, seen as a hedge against geopolitical and economic instability.

- The U.S. Dollar Index slipped by 0.2%, remaining near a six-month low in Asian trading, making gold cheaper for overseas buyers.

- Among other precious metals, silver futures surged by 2.4% to $31.155 per ounce, while platinum futures gained 0.6% to $940.20 per ounce.

-------------------------------------
For more articles, click here