Gold prices jumped to fresh record highs in Asian trade on Monday, approaching the $4,100-per-ounce mark, as renewed U.S.-China trade tensions boosted demand for safe-haven assets.
Spot gold rose 1.3% to $4,070.29 per ounce by 02:53 ET (05:53 GMT), after touching a record $4,078.05 earlier in the session. U.S. Gold Futures climbed 1.6% to $4,089.45/oz.
Silver also hit an all-time high, riding the momentum in precious metals.
Trump escalates US-China trade friction
Prices surged after U.S. President Donald Trump reignited trade tensions on Friday by threatening to impose tariffs of up to 100% on Chinese imports and tighten export controls on critical technology.
The remarks unsettled financial markets, sending investors into safe-haven assets including gold.
Trump softened his tone over the weekend, telling markets to “not worry about China” and suggesting Washington was not planning an immediate escalation. The shift helped calm some nerves, but traders remained wary of unpredictable policy shifts from the White House.
Beijing responded to Trump’s remarks by saying it was “not afraid” of a trade war and would take necessary measures to protect its interests. The firm stance heightened concerns about a renewed escalation in U.S.-China economic tensions.
Gold is up more than 50% so far this year, driven by robust safe-haven demand, expectations of lower U.S. interest rates, and continued central bank buying. The metal has gained additional traction as global equities face pressure from trade tensions and political risks.
Silver extends record rally; China trade data in focus
Silver Futures extended their rally, hitting a new all-time high of $51.7 per ounce, up about 2.4% on the day.
Reports showed that gains were supported by a combination of strong investment demand, tighter supply conditions, and a short squeeze in London markets.
Platinum Futures jumped nearly 3% to $1,669.60/oz.
Benchmark Copper Futures on the London Metal Exchange rose 1.5% to $10,572.75 a ton, while U.S. Copper Futures climbed 1.7% to $4.98 a pound.
Gains in industrial metals were aided by Chinese trade data showing that the country’s exports and imports both jumped sharply above expectations in September, despite U.S. tariff worries, signalling trade resilience.
Source :
https://www.investing.com/news/commodities-news/gold-prices-hit-new-record-high-near-4100oz-amid-uschina-trade-friction-4283099#google_vignette
