[BENGALURU] Gold prices eased on Wednesday (Apr 9) as US Treasury yields ticked higher, while anxious investors monitored the escalating trade war between the US and its key trading partners amid rising fears of a global recession.
Spot gold fell 0.1 per cent to US$2,981.86 an ounce as at 0024 GMT. It scaled an all-time peak of US$3,167.57 on Apr 3. US gold futures gained 0.2 per cent to US$2,995.20.
The benchmark 10-year note yield hit a more than one-week high, making non-yielding gold less attractive.
The White House clarified that country-specific tariffs of up to 50 per cent would take effect as planned at 12.01 am Eastern Time (0401 GMT).
The tariffs will be especially steep for China, as US President Donald Trump ratcheted up duties on Chinese imports to 104 per cent to counter Beijing’s retaliatory tariffs. China has refused to bow to what it called blackmail and has vowed to “fight to the end”.
Meanwhile, San Francisco Federal Reserve Bank president Mary Daly on Tuesday became the latest US central banker to say there is no rush to cut interest rates.
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Markets are awaiting the minutes of the US Federal Reserve’s latest policy meeting expected later in the day.
Traders are also awaiting the US Consumer Price Index data on Thursday and the Producer Price Index on Friday, for crucial insights into the Fed’s rate trajectory.
Physically backed gold exchange-traded funds (ETFs) registered the largest quarterly inflow in three years in January to March 2025, data from the World Gold Council (WGC) showed.
Spot silver fell 1.1 per cent to US$29.52 an ounce, platinum lost 1 per cent to US$912.35 and palladium retreated 1 per cent to US$897.50. REUTERS
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