Gold rose toward $3,340 per ounce on Thursday, gaining for a fourth straight session to reach a near two-week high, as investors sought safe-haven assets amid growing concerns over the US fiscal outlook.
Risk sentiment weakened following the release of a proposed US federal budget that could further widen the already large deficit, compounded by Moody's recent downgrade of the US credit rating due to rising debt levels and the Fed's cautious outlook on the economy.
Geopolitical tensions further amplified gold's appeal, with ongoing unrest in the Middle East and President Trump appearing to withdraw from mediating the Russia-Ukraine conflict.
Meanwhile, Chinese customs data showed gold imports surged to an 11-month high of 127.5 metric tonnes in April—up 73% from March, driven by strong demand and the central bank's issuance of extra import quotas during peak US-China trade tensions.
Source: Trading Economi
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