Gold prices climbed over 1% on Wednesday, driven by strong safe haven sentiment as hopes of a quick end to the U.S.-China trade row faded and a new trade front in Europe deepened concerns over tepid economic growth.
Spot gold was up 0.7% at $1,427.64 per ounce at 04:38 GMT, after earlier touching a one-week high of $1,435.99.U.S. gold futures were up 1.6% to $1,430.80 an ounce.
Extended weakness in global manufacturing data and U.S. trade protectionism looked poised to support bullion’s appeal as investors avoided riskier assets, said Benjamin Lu, an analyst with Phillip Futures.
Meanwhile, Silver was flat at $15.31 per ounce. Platinum fell 0.2% to $826.15 per ounce, while palladium rose 0.1% to $1,559.45 per ounce, having touched an over three-month peak earlier in the session.
Source : Reuters