Gold Prices Climb Amidst US-China Trade Tensions

In a dramatic response to the latest US tariffs on Chinese goods, gold prices surged over 1% early Wednesday. The move comes as President Donald Trump imposed a staggering 104% tariff on Chinese imports, escalating the ongoing trade war between the two economic giants.

Beijing's Defiant Stance

China has vowed to resist Trump's tariff policies "to the end," with state-owned enterprises ramping up investments to stabilize the domestic market. Meanwhile, Trump accuses China of currency manipulation but remains optimistic about reaching a deal.

Market Reactions

At 7:30 am CET, gold was up by 1.08%, trading at $3,015.73 per ounce. Silver remained steady at $29.82 per ounce, while platinum and palladium saw modest gains, highlighting the precious metals' role as safe havens during economic uncertainty.