Gold Rebounds as China-US Trade Tensions Escalate

In a surprising turn of events, gold prices experienced a significant rebound this Thursday. This surge comes in the wake of China's announcement that there are currently no trade negotiations underway with the United States. The statement has heightened tensions between the two economic powerhouses, casting a shadow over global markets.

China Calls for Respect from the US

Chinese Foreign Ministry spokesperson Guo Jiakun urged Washington to halt its "threats" and approach future dialogues with respect. This response was triggered by US President Donald Trump's remarks, emphasizing that the timeline for reducing tariffs on China hinges on Beijing's actions.

Market Reactions to the Escalating Tensions

As of 4:15 am ET, gold prices climbed by 1.36%, reaching $3,333.25 per ounce. Palladium also saw a modest increase of 0.29%, trading at $931.11 per ounce. Conversely, silver and platinum faced declines, with silver dropping 0.76% to $33.33 per ounce and platinum decreasing by 0.20% to $973.77 per ounce.