Precious Metals Respond to Trade Tensions

In a dramatic response to the latest escalation in the US-China trade war, gold prices surged over 1% on Wednesday. This comes after US President Donald Trump imposed hefty 104% tariffs on Chinese goods, a move that has sent shockwaves through global markets.

Beijing's Defiant Stance

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

Market Reactions

At 7:30 am CET, gold was trading at $3,015.73 per ounce, marking a 1.08% increase. Silver remained steady at $29.82 per ounce, while platinum and palladium saw modest gains, trading at $923.20 and $896.82 per ounce, respectively.