Gold edges up after levy chaos drives biggest gain in 18 months
Gold edged higher after posting its biggest one-day gain in 18 months, as confusion over US President Donald Trump’s tariff agenda drove investors to buy the precious metal as a haven.
During a whipsaw day for markets on Wednesday, gold climbed as much as 3.9% before closing up 3.3%, less than $100 short of its all-time high posted last week.
Bullion’s initial surge in the previous session came after US tariffs on around 60 trading parters kicked in, fueling market upheavals and increasing worries about a global recession. Then Trump announced a 90-day pause to higher tariffs on 56 countries and the European Union, which will now be taxed at the 10% baseline rate.
Still, Trump also hiked duties on China to 125%, effective immediately, after the Asian country announced plans to retaliate with an 84% tariff to start Thursday. Those moves are exacerbating concerns the world’s two biggest economies will become enmeshed in a crippling trade war.
Markets rallied after Trump’s tariff-pause announcement. US stocks had their best day since the financial crisis, with the S&P 500 soaring nearly 10%, after slumping to the fringe of a bear market in the past week.
The constant back-and-forth of the US administration’s tariff plan has rocked the world, as investors scramble to find direction and certainty. That’s generally been supportive for gold, which is up 18% this year. The metal has also been bolstered by hopes for more Federal Reserve monetary easing and central-bank buying.
Spot gold for immediate delivery gained 0.2% to $3 088.32 an ounce as of at 8:20 a.m. Singapore time. Bloomberg Dollar Spot Index slipped for a second day. Silver was down, palladium edged higher and platinum was flat.
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