By RAHUL PASWAN
BENGALURU- Gold prices hit a record high on Wednesday, bolstered by fears of a new trade war between the United States and China after Beijing slapped tariffs on US imports in a response to new US duties on Chinese goods.
Spot gold was up 0.2 percent at $2,848.69 per ounce, after hitting a record high of $2,853.97 earlier in the session. US gold futures gained 0.2 percent to $2,879.70.
US President Donald Trump said on Tuesday he is in no hurry to speak to Chinese President Xi Jinping to try to defuse the trade tensions between the world’s two largest economies.
China imposed targeted tariffs on US imports on Tuesday and put several companies, including Google, on notice for possible sanctions, in a measured response to Trump’s tariffs.
“The next major inflection point for gold is probably the $3,000 figure… China may be more encouraged to keep buying gold for reserves if the trade war escalates,” said Ilya Spivak, head of global macro at Tastylive. — Reuters