By RAHUL PASWAN
BENGALURU- Gold prices edged higher on Thursday, hovering near record highs hit in the previous session, as tensions in the China-US trade war lifted safe-haven demand, while investors awaited the US jobs data for clues on the future direction of interest rates.
Spot gold was up 0.1 percent at $2,868.94 per ounce, after hitting an all-time peak of $2,882.16 in the previous session.
US gold futures shed 0.2 percent to $2,887.90.
“Investors are trying not to miss this rally as they place their position because they are happy with the returns. That’s the reason why it’s hitting successive highs,” said Soni Kumari, a commodity strategist at ANZ.
“Bullion could hit the $3,000 level soon … however, what could make the market consolidate will be some clarity on trade ties or easing trade tensions.”
China filed a World Trade Organization complaint against US President Donald Trump’s new 10 percent tariff on Chinese imports and his cancellation of a duty-free exemption for low-value packages, arguing the actions are “protectionist” and break WTO rules. — Reuters
