by Jason Scott and Yihui Xie
Gold edged higher after falling in the previous session, buoyed by Asian bargain-hunters as concerns resurfaced over the impact of US President Donald Trump’s trade war.
The precious metal rose as much as 0.6% to $3,372 an ounce, following a 0.8% decline on Tuesday, after Trump signed a directive to double steel and aluminum tariffs to 50%, while trade relations with China and the European Union again turned sour. That outweighed a rise in US job openings that had boosted positive sentiment about the resilience of the American economy.
Bullion is up around 28% this year, less than $200 below an all-time high reached in April. It’s been bolstered by haven demand as investors have exited assets exposed to an expanding trade war. Central banks are also a major driving force, with their buying spree expected to continue amid geopolitical tensions and concerns about overexposure to the dollar.
China this week claimed the US “seriously undermined” a recent trade truce struck in Geneva, with Foreign Minister Wang Yi using his first meeting with the new US Ambassador David Perdue to urge Washington to put relations on the “right track.” Meanwhile, the EU warned of fresh countermeasures if the US follows through on tariff threats.
Spot gold rose 0.3% to $3,364.29 an ounce as of 11:16 a.m. in Singapore. The Bloomberg Dollar Spot Index eased 0.1%, following a 0.4% gain in the previous session. Silver and platinum gained, while palladium fell.
Looking ahead, US job indicators including a report on May employment are scheduled to be released on Friday, which may help steer the Federal Reserve’s monetary policy. Lower rates are generally positive for non-interest paying bullion.
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