Gold increased by more than 1% on Thursday, investors who flocked to ingots, a refuge value, after the United States increased customs duties in China, the main consumer of metals, intensifying the already lively trade war, despite a 90-day break on customs duties for other countries.
The cash in cash was up 1.2 % to $ 3,119.18 per ounce, at 3 hours GMT. During the previous session, the Lingot has recorded its best day since October 2023. US gold contracts increased by 1.8% to $ 3,135.50.
President Donald Trump said on Wednesday that he would increase customs duties on Chinese imports by 104% to 125%. The two biggest economies in the world have embarked on a series of customs prices during the past week.
However, Trump decided to temporarily lower the high customs duties which he recently imposed on several countries.
“If we are entering a period of slow growth, which is our basic scenario, we believe that the rates will eventually lower and push gold upwards, because concerns about inflation will persist for a large part of the year due to pricing impacts,” said Edward Meir, analyst at Marex.
“We believe that gold could reach $ 3,200 by the end of the month or even earlier.
Gold, coverage against global uncertainties and inflation, increased by more than 18% in 2025, largely thanks to Trump’s tariff plans, expectations of interest rates reductions by the federal reserve, geopolitical tensions in the Middle East and Ukraine, significant purchases of central banks and the increase in investments in the funds negotiated on the stock market.
According to the minutes of the last Fed meeting, political decision -makers were almost unanimous last month to warn that the American economy faced risks of increase in inflation and slowdown in growth, some noting that “difficult compromises” could arise.
Lingots without yield may lose their appeal if inflationary pressures force the Fed to maintain interest rates at a higher level.
Traders are now awaiting data from the American consumer price index, expected later during the day, and the price index in production on Friday.
Signing silver firm up 0.2 % to $ 31.08 per ounce, the plate lost 0.5 % to $ 932.81 and the palladium lost 1.2 % to $ 922.72.
