Gold jumps back above $3,000 amid trade war threat to global growth
The post Gold jumps back above $3,000 amid trade war threat to global growth appeared on BitcoinEthereumNews.com.
Gold price catches fresh bids on rising global trade tensions and recession fears. Bets for multiple Fed rate cuts weigh on the USD and support the precious metal. Rising US bond yields could act as a headwind ahead of FOMC meeting minutes. Gold price (XAU/USD) regains positive traction following the previous day’s failed attempt to surpass the $3,022-3,023 hurdle and retakes the $3,000 psychological mark during the Asian session on Wednesday. Persistent worries about escalating trade tensions and fears of a recession continue to prompt investors to take refuge in the traditional safe-haven bullion. Apart from this, bets for multiple rate cuts by the Federal Reserve (Fed) this year and some follow-through US Dollar (USD) selling for the second straight day turn out to be key factors that underpin the non-yielding yellow metal. Meanwhile, speculation that China is dumping US Treasuries in retaliation to the sweeping US tariffs led to an extended selloff in US government bonds. This might hold back traders from placing fresh bullish bets around the Gold price and cap any further gains ahead of the release of FOMC meeting minutes later this Wednesday. Investors this week will further take cues from the US inflation figures for cues about the Fed’s rate-cut path, which would influence the XAU/USD. This warrants caution before confirming that the commodity’s recent pullback from the all-time peak has run its course. Daily Digest Market Movers: Gold price attracts fresh buyers as trade jitters underpin safe-haven demand The White House press secretary Karoline Leavitt confirmed that the US will proceed with a sweeping 104% tariff on Chinese imports starting this Wednesday. This continues to fuel worries that an all-out trade war would push the global economy into recession, which triggers a fresh wave of the risk-aversion trade and revives demand for the safe-haven…
Filed under: News - @ April 9, 2025 5:18 am