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Gold adds to record rally amid trade war

ByVictoria

Spot gold was up 0.8% at $2,864 per ounce by 09:24 a.m. ET (1424 GMT), after hitting a record high of $2,877 earlier in the session.

“Gold continues to be largely influenced by trade uncertainties… the tariffs with China and the retaliation has the market on edge, so safe-haven flows remain the dominant factor,” said Peter Grant, vice president and senior metals strategist at Zaner Metals.

Spot silver rose 0.4% to $32.23 per ounce, platinum gained 1.6% to $979.40 and palladium added 0.4% to $994.75.

Source – Reuters

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    Spot gold was at $3,026.85 an ounce at 1131 GMT. U.S. gold futures edged 0.4% higher to $3,032.40.

    “A modestly weaker dollar is probably giving gold a little bit of a tailwind at present,” said Ross Norman, an independent analyst.

    “A worse-than-feared tariff announcement on April 2 could give bullion bulls a shot in the arm towards striving for the $3,100 mark,” said Han Tan, Exinity Group’s chief market analyst.

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