Gold Rebounds as China-US Trade Tensions Escalate

In a surprising turn of events, gold prices experienced a significant rebound, climbing by 1.36% to $3,333.25 per ounce. This surge comes in the wake of China's announcement that there are currently no trade negotiations with the United States, signaling a potential escalation in trade tensions between the two economic powerhouses.

China Calls for Respect from the US

Chinese Foreign Ministry spokesperson Guo Jiakun emphasized the need for Washington to halt its "threats" and approach Beijing with respect if it wishes to engage in meaningful dialogue. This statement was a direct response to US President Donald Trump's remarks, where he linked the duration of US tariffs on China to Beijing's actions.

Mixed Movements in Precious Metals

While gold and palladium saw gains, with palladium increasing by 0.29% to $931.11 per ounce, other precious metals weren't as fortunate. Silver prices fell by 0.76% to $33.33 per ounce, and platinum decreased by 0.20%, settling at $973.77 per ounce.