Gold price extended its record streak for the third time in the week as the Greenback weakened due to tensions between China and the US related to trade policies.
Gold price (XAU/USD) continues scaling new record highs heading into the European session on Wednesday, with bulls eyeing to conquer the $3,300 mark as trade-related uncertainties continue to boost demand for traditional safe-haven assets.
Gold price ended Tuesday’s session on a higher note due to traders buying the precious metals amid uncertainty over US President Donald Trump's tariff plans, which has kept market participants on edge.
Asian stocks continued to decline following Wall Street's downturn on Wednesday as President Donald Trump appeared poised to move forward with hefty 104% tariffs on Chinese products.
Gold price (XAU/USD) climbs further beyond the $3,000 psychological mark during the Asian session on Wednesday and retests the overnight swing high as concerns about a tariffs-driven global recession continue to underpin safe-haven assets.
Gold price snaps three days of losses, consolidates below the $3,000 figure as US Treasury yields rise, making the non-yielding metal less appealing for investors.
Stocks in Asia bounced back after suffering historic losses, with Japan at the forefront of the recovery due to positive sentiment about its potential prioritization in US trade talks.
The Japanese yen and the Swiss franc were the strongest major currencies last week, while Australian dollar was the weakest. Volatility increased markedly over this period, as more than 75% of Forex currency pairs changed in value by more than 1%.
Bitcoin performed relatively well in comparison to the rest of the markets. Although it gave up quite a bit of its gains, Bitcoin returned to where it started for the week, which is something that you cannot say for most assets.
The price of gold extended its losses on Friday and plunged to a seven-day low of $3,015 before the yellow metal recovered some ground after a speech by Jerome Powell. His speech indicated that inflation could reaccelerate due to tariffs.
Gold prices are extending on Friday their drop for the second consecutive day, hitting a seven-day low of $3,023 per troy ounce, down more than 2.80% as Fed Chair Jerome Powell turned hawkish in a conference in Virginia.
