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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 lost 0.4% to $3,222.49 an ounce, as of 0852 GMT. Bullion hit a record high of $3,245.42 earlier in the day.

    “Market sentiment has improved a bit this morning after President Trump excluded electronics and smartphones from US tariffs. This has partly caused a dip in gold prices, likely due to profit-taking,” said Zain Vawda, an analyst at MarketPulse by OANDA.

    Spot silver was steady at $32.27 an ounce, while platinum added 1% to $952.10. Palladium gained 2.2% to $935.38.

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    Gold rose after President Donald Trump delivered on threats to hit Canada and Mexico with sweeping tariffs and doubled a charge on China, spurring swift reprisals.

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    Gold prices and gold futures drop

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    Spot gold, which dipped 0.5% to $2,904.51 an ounce as of 1211 GMT, has gained over 10% year-to-date. It hit a record high of $2,956.15 on February 24.

    U.S. gold futures also dropped 0.5% to $2,912.10.

    “Gold seems to be experiencing profit-taking as investors closely watch tariff developments with prices trading toward $2,900 ahead of the non-farm payrolls report,” Lukman Otunuga, senior research analyst at FXTM, said.

    Platinum prices were flat at $964.68 per ounce.

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    Gold prices edged higher on Wednesday as a weaker dollar and simmering trade tension between the United States and China lifted demand for the safe-haven metal.

    Spot gold was up 0.1% at $3,355.46 an ounce, as of 0836 GMT. U.S. gold futures edged 0.1% higher to $3,379.80.

    “I think we are seeing the same concerns around trade talks, not much progress and that is adding to uncertainty over where tariffs will land, and that’s driving gold prices right now,” said Nitesh Shah, commodities strategist at WisdomTree.

    Donald Trump said on Wednesday that Chinese President Xi Jinping is tough and “extremely hard to make a deal with,” days after the U.S. President accused China of violating an agreement to roll back tariffs and trade restrictions.

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    Copper at record high $11,633 a ton

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    Unusually large shipments of copper to the United States are unlikely to abate as long as the threat of tariffs hangs over the market and price premiums for the metal on U.S.-based COMEX make deals profitable for traders and producers, analysts said.

    COMEX copper hit a record high at $11,633 a metric ton on March 26, creating a premium of more than $1,570 a ton against the benchmark contract on the London Metal Exchange.

    “We expect 250,000-300,000 tons of extra copper will be shipped to the U.S. over March-May because of the spread and amid the uncertainties regarding the tariff,” said Sharon Ding, head of China basic materials at UBS Investment Research.

    “It’s possible we’ll see more atypical cargos in the second half of May,” Kpler analyst Ben Ayre said. “While the COMEX price continues to run at a premium to the LME there’s a strong incentive to land refined copper in the United States.”

    Source – Reuters