Gold Rebounds as China-US Trade Tensions Escalate

In a surprising turn of events, gold prices experienced a significant rebound, surging by 1.36% to $3,333.25 per ounce. This uptick comes in the wake of China's announcement that there are currently no trade negotiations underway 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 cease its "threats" and approach discussions with respect. This statement was a direct response to US President Donald Trump's remarks, where he indicated that the timeline for reducing tariffs on China hinges on Beijing's actions.

Market Reactions to the News

While gold and palladium saw gains, increasing by 1.36% and 0.29% respectively, silver and platinum faced declines. Silver dropped by 0.76% to $33.33 per ounce, and platinum decreased by 0.20%, settling at $973.77 per ounce. These market movements underscore the volatile nature of precious metals in response to geopolitical tensions.