Gold price (XAU/USD) is printing a stellar return on Thursday, moving around $3,120 at the time of writing. Since Tuesday morning, the precious metal has rallied nearly 5.00%.
The main driver for the rally came from United States (US) President Donald Trump, who announced a 90-day pause to higher tariffs on 56 countries and the European Union, which will now be taxed at the 10% baseline rate.
Trump also hiked levies on China to 125%, effective immediately, after the Asian country announced plans to retaliate with an 84% tariff on all US imports to take effect on Thursday.
Those moves are exacerbating concerns that the world's two biggest economies will keep the trade war escalating.
The People's Bank of China (PBOC), China's central bank, weakened the Yuan (CNY) for the sixth straight session, despite US Treasury Secretary Scott Bessent's warning the country not to do so on Tuesday. It looks like Beijing will use the country's currency as a negotiation tool, as it did in the last trade war.
Source: FXStreet
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