Gold and Silver Prices Climb as Trade Tensions Escalate

The precious metals market witnessed a significant uptick on Wednesday, with gold prices soaring by 3.33% to $3,081 by 11:21 am ET. This surge is largely attributed to growing investor anxiety over a potential global recession, fueled by escalating trade disputes between major economies.

China and EU Retaliate Against US Tariffs

In a bold move, China announced an increase in retaliatory duties on American imports from 34% to 84%, responding to the US's decision to impose a 104% tariff on Chinese goods. Similarly, the EU is set to implement tariffs on €21 billion worth of US products starting April 15, marking a significant escalation in trade tensions.

Precious Metals Market Reacts

Alongside gold, silver also saw a notable increase, adding 1.74% to reach $30.33. Platinum and palladium experienced modest gains, trading at $922.63 and $896.20, respectively, as investors continue to seek refuge in safe-haven assets amidst the uncertainty.