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Gold is trading higher for the fourth consecutive session in mid-European trading today, Friday, April 11, and is on track to post weekly gains of more than 6% after testing historic highs at the start of the session at $3,237 per ounce, supported by declines in the US dollar amid rising trade tensions and financial market turmoil, which supported safe havens.<\/span><\/span><\/p>\n In a development in the series of tariffs and in response to the tariffs announced by the United States, China raised tariffs on all products imported from the United States this morning to 125% from 84%, effective April 12, in a dangerous escalation of the trade war between the two countries. The statement issued by Beijing indicated that China will ignore any further tariff increases by the US.<\/span><\/span><\/p>\n Market concerns over inflation and a global recession have heightened following this trade war between the world’s two largest economies, with stock and bond markets experiencing their largest fluctuations in decades. <\/span><\/span><\/p>\n Demand for safe haven assets has surged to an unprecedented level, with gold up more than 22% since the beginning of the year, with most investment banks expecting the yellow metal to surpass $3,500.<\/span><\/span><\/p>\n In a related development, China’s gold reserves rose in March to 73.7 million ounces, compared to 73.61 million ounces in February, marking the fifth consecutive month of central bank purchases of the yellow metal.<\/span><\/span><\/p>\n The US Dollar Index (USDI) fell more than 1% today, trading at its lowest level since July 2023, below 100 this morning. <\/span><\/span><\/p>\n It is on track to post weekly losses of more than 3%, supporting gold’s recent gains.<\/span><\/span><\/p>\n Gold is trading at midday today, Friday, at $3,222 per ounce, up by about 0.50%, while silver is up by about 0.80%, trading at $31.44 per ounce.<\/span><\/span><\/p>\n Platinum is trading at $940, up by about 0.31%, while palladium is up by about 1.46%, trading at $921.<\/span><\/span><\/p>\n <\/p>","protected":false},"excerpt":{"rendered":" Gold is trading higher for the fourth consecutive session in mid-European trading today, Friday, April 11, and is on track to post weekly gains of more than 6% after testing historic highs at the start of the session at $3,237 per ounce, supported by declines in the US dollar amid rising trade tensions and financial […]<\/p>\n","protected":false},"author":1,"featured_media":7467,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-7466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-currency-markets"],"acf":[],"yoast_head":"\n