Gold Surges on Trade Tensions
Gold prices soared to a new all-time high on Monday, with an ounce reaching $3,405.19 amid growing global trade tensions and investor uncertainty. By 1200 GMT, the price slightly eased to $3,404.40, CE Report quotes Anadolu Agency
The precious metal jumped over 2.3% as fears mounted over the deepening trade conflict between the US and China. Contributing to the surge was the European Central Bank’s recent decision to cut interest rates by 25 basis points, further boosting demand for safe-haven assets like gold.
The escalation began after US President Donald Trump announced steep “reciprocal” tariffs on more than 180 countries, with China quickly retaliating. Tariffs between the US and China have since climbed dramatically, with the US imposing up to 245% duties following China’s countermeasures.
In response, China’s Commerce Ministry stated it would reject any deals made at the expense of its interests and warned of further counteractions, as the US reportedly seeks to pressure other nations to limit trade with China in exchange for tariff relief.
