Gold prices extended their surge to cross $3,310 per ounce on Wednesday, another record high, as the increasing unpredictability regarding US trade policy and low demand for the US dollar and Treasury securities left gold as one of the main safe-haven assets in the market.
US President Trump launched a probe to place new tariffs on critical minerals, escalating the trade war with China shortly after concessions on autos and electronics. The move extended ongoing probes on copper, pharmaceuticals, lumber, and semiconductors, increasing the range of tariffs on key goods that the US has limited capacity on producing.
In the meantime, dovish monetary outlooks from major central banks supported the case for bullion assets without coupons. Inflation was softer than expected in the US, Canada, the UK, India, and the Euro Area in March, while the PBoC signaled it may cut its prime rates this quarter.
Source: Trading Economics
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