Gold strengthened on Wednesday, gaining 0.4% to reach $3,336.20 per ounce, as investors sought safe-haven assets amid continuing uncertainty over U.S.-China trade relations. While officials from both countries announced progress on a framework to revive their trade truce and eliminate China’s rare earth export restrictions, the lack of concrete resolution to longstanding trade disputes kept markets cautious.
The ongoing trade tensions, which began with tit-for-tat tariffs in April, continue to support gold prices. Investors are also closely watching the upcoming U.S. Consumer Price Index report for insights into the Federal Reserve’s interest rate strategy, with most economists expecting rates to remain unchanged for several months.
In other precious metals, silver dipped 0.8% to $36.27 after reaching a 13-year high, while platinum surged 3.1% to $1,259.63, its highest level since May 2021.