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Gold gained on Wednesday as US President Donald Trump’s speech on the trade ties with China diminished optimism for a deal and dented risk appetite.
Spot gold rose 0,4 percent to $1 462,03 per ounce. US gold futures settled up 0,7 percent at $1 463,30.
“President Trump talked about raising tariffs eventually if there is no resolution or any deal on phase one and that seems to be enticing buyers to gold,” said Michael Matousek, head trader at U. Global Investors.
“Over the longer term, as an investment it (gold) is still the safe haven. People still want to own it. The overall trend is still up.”
Trump on Tuesday said a trade deal was close but gave no details on when or where an agreement would be signed, disappointing investors in what was billed as a major speech on his administration’s economic policies. — Reuters.