Gold prices edged lower in Asian trading on Tuesday, but continued to hover near record highs as demand for safe-haven assets remained strong amid escalating U.S.-China trade tensions. Spot gold dipped 0.4% to $3,224.60 an ounce, while June gold futures held steady at $3,240.85/oz.
Although risk sentiment improved briefly following the U.S. decision to exempt electronics from new tariffs, President Donald Trump’s ongoing tariff threats—especially the looming duties on electronics and pharmaceuticals—kept market volatility high. The broader 145% tariffs imposed by the U.S., alongside China’s 125% retaliatory measures, sustained fears of a deepening trade war between the world’s two largest economies.
Gold remained close to its all-time high of $3,245.69/oz reached earlier in April. Persistent recession concerns and economic uncertainty continued to support bullion prices, especially as investors priced in a higher probability of a U.S. downturn despite a temporary 90-day exemption on reciprocal tariffs.
Weakness in the U.S. dollar, triggered by a selloff in Treasury markets, further boosted demand for gold and other precious metals. On Tuesday, silver futures rose 0.2% to $32.225/oz, while platinum futures stabilized at $956.60/oz.
Meanwhile, copper prices declined, reflecting ongoing concerns about reduced demand from China, the world’s largest importer. London copper futures dropped 0.2% to $9,168.65 per ton, while U.S. copper futures slipped 0.8% to $4.6230 per pound. Data released Monday showed a 1.4% decline in China’s copper imports in March. Market participants are now closely watching China’s upcoming Q1 GDP release, expected Thursday, for further economic signals.


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