Gold Prices Rise Amid Ongoing U.S.-China Trade Uncertainty
Gold prices climbed during trading on Wednesday, driven by persistent uncertainty surrounding a potential trade agreement between the United States and China, as well as investor anticipation of upcoming U.S. inflation data.
On Tuesday, U.S. and Chinese officials revealed that they had agreed on a framework to revive a stalled trade truce and remove China's restrictions on rare earth metal exports. However, they offered little indication of a permanent resolution to the long-standing trade disputes between the two economic powers.
U.S. Secretary of Commerce, Howard Lutnick, told reporters that both parties had reached a framework outlining the details of an agreement initially achieved last month in Geneva, aimed at easing record-high reciprocal tariffs.
In April, the two countries imposed mutual tariffs, escalating tensions into a full-blown trade war. Following the Geneva discussions, both Washington and Beijing agreed to scale back those tariffs.
In market trading, gold futures rose by approximately 0.6% to $3,361.7 per ounce, while spot gold prices increased by 0.6%, reaching $3,341.8 per ounce.
