US EditionSentiment Steadies After Trump Cools Rhetoric on China Trade, Gold at Record Highs
Trump’s tariffs on Chinese imports escalate trade tensions and drive gold prices above $4,000 per ounce, reflecting investor flight to safe-haven assets amid rare earth export disputes.
- During the early Asian session on Monday, gold price climbed to about $4,040 as US President Donald Trump's 100% tariffs on Chinese imports starting November 1 triggered the rally.
- China's curbs on rare earth exports, materials making up about 70% of global supply, helped trigger the move just weeks before the APEC leaders' summit on October 31st–November 1st.
- U.S. markets plunged, wiping out more than USD 2 trillion in a day as currency markets rushed into the Japanese yen and Swiss franc before some stabilisation.
- Futures implied roughly a 97% chance of a quarter-point Fed cut later this month, with stock futures rebounding after Trump signalled openness to a China deal.
- With the APEC summit on October 31st–November 1st, geopolitical risks remain high as central banks added 1,136 tonnes of gold worth around $70 billion in 2022, maintaining their dominance.
13 Articles
13 Articles
Gold prices reached another historic peak this Monday, as investors increased their bets on shelter assets after U.S. President Donald Trump renewed his tariff threats against China, while expectations of interest rate cuts in the U.S. increased the attractiveness of metal. Cash gold rose by 1.4% to $4,075.24 an ounce at 1033 GMT, after reaching a record $4,079.70 an ounce. US gold futures for delivery in December earned 2.4% to $4,094.70.
Sentiment steadies after Trump cools rhetoric on China trade, gold at record highs
LONDON: World markets found steadier ground on Monday (Oct 13) after being whipsawed by broadsides in the US-China trade war, while gold hit new record highs in a sign that uncertainty remained high.While US President Donald Trump had threatened 100 per cent tariffs on China from Nov 1 and Beijing threatened
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