Thursday 24/Apr/2025 – 09:45 AM
Gold prices increased by more than 1% today, Thursday, amid the demand for purchase, which stimulates the low prices, a day after the metal reached the lowest level in a week amid optimism about the trade agreement between the United States and China.
Gold rose in instant transactions 1.5% to $ 3335.39 an ounce by 03:12 GMT, and US gold futures rose 1.5% to $ 3344, according to Reuters.
Gold, which did not generate return but used a hedge tool in times of global turmoil, had reached the highest level ever at $ 3500.05 on Tuesday, but it decreased below the level of $ 3300 the next day.
Excessive customs duties between the United States and China
“The volatility we are witnessing this week is driven by technical indicators and the risks indicated by news reports. But the basic factors are strong, so the purchase when the price drops actually depends on the movement of investors based on the largest image,” said Capital Com, Kyle Roda.
US Treasury Secretary Scott Besent said on Wednesday that excessive customs duties between the United States and China are not sustainable, and it can be reduced before the start of commercial negotiations, but he stressed that President Donald Trump will not reduce customs duties on Chinese imports unilaterally.
Meanwhile, a report stated that Trump is planning to exempt car manufacturers from some customs duties, after extensive pressure from the sector’s executives in the past few weeks.
The dollar fell 0.3% against other major currencies, making the gold -based gold cheaper for other currencies, and for other precious metals, silver decreased in immediate transactions 0.6% to $ 33.33 per ounce, platinum fell 0.4% to 968.60 dollars, and Paladium fell 0.8% to 936.63 dollars.
