403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
Gold Prices Mark Historic Peak Amid Rising US, China Trade Tensions
(MENAFN) Gold soared to a historic milestone on Wednesday, with the price per ounce climbing to USD3,318.
This record-setting moment coincided with fresh developments in the ongoing trade confrontation between the United States and China. By 08:20 GMT, the value had slightly dipped but remained high at approximately USD3,312.60.
The precious metal experienced a notable increase of over 2.6 percent in value on Wednesday.
This spike was primarily fueled by heightened investor apprehension regarding a potential intensification in the trade dispute between the globe’s two leading economies.
Momentum in the gold market gained further strength after United States Leader Donald Trump revealed his "reciprocal" tariff measures, which were set to impact more than 180 nations starting April 2. This announcement stirred additional unease in global markets.
China promptly countered the US tariff hike with a reciprocal response.
The ongoing tariff battle resulted in the United States elevating its duties on Chinese goods to 145 percent, while China matched the move with a 125 percent increase on American imports.
Although Washington opted to delay implementing similar tariffs on other countries by 90 days, the penalties targeting China were immediately enforced.
Adding to the tensions, the US administration also prohibited the export of Nvidia’s H20 chips to China.
In the most recent escalation, the White House disclosed late Tuesday that China would now face tariffs as steep as 245 percent in response to its retaliatory trade actions.
This record-setting moment coincided with fresh developments in the ongoing trade confrontation between the United States and China. By 08:20 GMT, the value had slightly dipped but remained high at approximately USD3,312.60.
The precious metal experienced a notable increase of over 2.6 percent in value on Wednesday.
This spike was primarily fueled by heightened investor apprehension regarding a potential intensification in the trade dispute between the globe’s two leading economies.
Momentum in the gold market gained further strength after United States Leader Donald Trump revealed his "reciprocal" tariff measures, which were set to impact more than 180 nations starting April 2. This announcement stirred additional unease in global markets.
China promptly countered the US tariff hike with a reciprocal response.
The ongoing tariff battle resulted in the United States elevating its duties on Chinese goods to 145 percent, while China matched the move with a 125 percent increase on American imports.
Although Washington opted to delay implementing similar tariffs on other countries by 90 days, the penalties targeting China were immediately enforced.
Adding to the tensions, the US administration also prohibited the export of Nvidia’s H20 chips to China.
In the most recent escalation, the White House disclosed late Tuesday that China would now face tariffs as steep as 245 percent in response to its retaliatory trade actions.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Most popular stories
More Story
Comments
No comment