Gold extended its recent gains above $3,350 per ounce on Friday, on track for its third weekly advance, as skepticism over a US-China trade deal continued to support the metal's safety appeal. On Thursday, President Trump stated that trade talks with China are in progress, countering Chinese claims that no discussions have taken place to ease the ongoing dispute. Meanwhile, US Treasury Secretary Bessent said the steep tariffs between the two countries must be reduced before negotiations can move forward, but emphasized that Trump would not unilaterally lower tariffs on Chinese imports. Earlier in the week, gold surged to a fresh record of $3,500 on concerns over the US economy but retreated after Trump backed off threats regarding the Fed's autonomy. Gold has now climbed over 30% year-to-date, while the gold-to-silver ratio has surged to its highest level since 1994 (excluding the pandemic), highlighting bullion's strong outperformance.
Source: Trading Economi
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