by Yihui Xie
Gold rebounded following its steepest one-day loss this year as traders parsed mixed signals from the US on plans for China tariffs.
Bullion rose above $3,330 an ounce, after seeing the biggest one-day drop since November in yesterday’s session. Among the latest signals from Washington, Treasury Secretary Scott Bessent cast doubt on a timely resolution to the US-China trade war. That followed more conciliatory remarks from President Donald Trump.
“The temporary reprieve from Trump has fizzled out,” said Priyanka Sachdeva, a Singapore-based analyst at Philip Nova Pte. “Investors who missed the dip-buying wagon earlier in April drove the rise today.”
Gold has had a volatile ride this week, initially hitting a record above $3,500 an ounce on Tuesday, before posting a two-day slump. The initial run-up was driven by a harsh line from Trump against China, as well as remarks attacking the US Federal Reserve. The reversal followed an about-face from the president.
The market’s ructions have roiled trading in China. Futures for the precious metal in Shanghai posted their largest intraday drop since 2013 on Wednesday. Trading volumes also surged to a record.
Gold traded 1.2% higher at $3,328.02 an ounce at 9:22 a.m. in London, after being up by as much as 2.4% earlier in the session. The Bloomberg Dollar Spot Index fell 0.3%. Silver and platinum slipped, while palladium edged higher.
Copyright Bloomberg News
Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.
The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.
“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.
Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."
The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
