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Home World News Middle East

Gold climbs on safe-haven demand as Trump hikes China tariffs

April 10, 2025
in Middle East
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Gold prices rose on Thursday as investors turned to the safe-haven asset after U.S. President Donald Trump escalated tariffs on China, the world’s top metal consumer, despite his decision to temporarily ease steep duties on several other countries.

FUNDAMENTALS

* Spot gold was up 0.2% at $3,089.17 an ounce, as of 0022 GMT. Bullion scaled to an all-time peak of $3,167.57 on April 3. U.S. gold futures rose 0.8% to $3,104.90.

* In a stunning reversal, Trump on Wednesday decided to temporarily lower the hefty duties he had just imposed on dozens of countries while further ramping up pressure on China.

* Trump said he would raise the tariff on Chinese imports to 125% from the 104% level, escalating a high-stakes confrontation between the world’s two largest economies. The two countries have traded tit-for-tat tariff hikes repeatedly over the past week.

* Gold, traditionally seen as a hedge against economic and political uncertainty, often thrives in a low-interest-rate environment.

* According to minutes from the Federal Reserve’s latest meeting, policymakers were nearly unanimous last month in warning that the U.S. economy faced risks of higher inflation alongside slower growth, with some noting “difficult tradeoffs” may lie ahead.

* Traders await the U.S. Consumer Price Index data, due later in the day, and the Producer Price Index on Friday for crucial insights into the Fed’s rate trajectory.

* Spot silver fell 0.5% to $30.89 an ounce, platinum lost 0.4% to $933.20 and palladium retreated 1% to $922.50.

DATA/EVENTS (GMT) 0130 China CPI, PPI YY March 0900 Germany Overall Comprehensive Risk Q2 0900 France Overall Comprehensive Risk Q2 0900 UK Overall Comprehensive Risk Q2 1230 US Core CPI MM, SA, Core CPI YY, NSA March 1230 US CPI MM, SA, CPI YY, NSA, CPI Wage Earner March 1230 US Initial Jobless Clm 5 April, w/e 1430 US EIA-Nat Gas Chg Bcf, Nat Gas-EIA Implied Flow 4 April, w/e (Reporting by Anushree Mukherjee in Bengaluru; Editing by Sherry Jacob-Phillips)

 

Tags: COMMODITIESPRECIOUS METALS
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