24.04.202502:28:43UTC+00Gold Rises on Trade Uncertainty

Gold edged closer to $3,360 per ounce on Thursday, recovering from a two-day drop, as persistent uncertainty surrounding the US-China trade conflict bolstered demand for the precious metal regarded as a safe haven. U.S. Treasury Secretary Scott Bessent indicated on Wednesday that significant tariff reductions between the US and China are necessary before trade negotiations can progress. However, he stressed that President Trump will not independently lower tariffs on Chinese imports. Concurrently, Trump is preparing to exempt automakers from certain tariffs following weeks of intense lobbying by industry leaders, alleviating some concerns about trade tensions. Since the beginning of the year, gold has risen by over 30%, and the gold-to-silver ratio has reached its highest level since 1994, excluding the pandemic period. This surge has been driven by diminishing fears that trade barriers and unpredictable economic policies might erode confidence in US economic dominance, leading investors to diversify away from US-based assets and towards gold.