Gold eased off a record high mid-afternoon on Thursday but stayed above the US$3,300 mark as U.S. President Donald Trump's tariff threats continue to support safe-haven demand.
Gold for June delivery was last seen down US$18.10 to US$3,328.30 per ounce after closing at a record US$3,346.40 on Wednesday.
The price of the metal has climbed 26% since the start of the year as the U.S. tariff battles threaten to slow global growth while roiling global trade flows, sending investors to gold as a store of value. The World Trade Organization on Wednesday lowered its forecast for 2025 global trade from a rise of 2.7% to a decline of 0.2%.
"Gold surged past $3300/oz for the first time in history yesterday as new tariff headlines and the potential for new expansions in the trade war added further momentum to the mix. This has once again propelled gold further on the basis of uncertainty, benefitting as a perceived safe haven," Christopher Louney, a commodities strategist at RBC Capital Markets, noted.
The dollar rose off two-year lows, with the ICE dollar index last seen up 0.17 points to 99.55. Treasury yields were steady, with the U.S. two-year note paying 3.805%, up 2.1 basis points, while the yield on the 10-year note was up 5.1 points to 4.333%.
Source: MT newswires
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