Gold prices went up a little on Thursday, staying close to the highest level ever reached in the last session. This increase was driven by worries over the trade dispute between the U.S. and China, as many investors tend to buy gold when they feel uncertain about the economy. At 0032 GMT, the price of gold was $2,867.79 per ounce, up 0.1%. It hit a record high of $2,882.16 just the day before. U.S. gold futures dropped slightly by 0.2%, bringing their price to $2,887.10.
Earlier this week, China started charging extra taxes on some U.S. goods in reaction to new tariffs from the U.S., which has made the trade war between the two countries even tenser. U.S. President Donald Trump said he doesn’t feel the need to speak with Chinese President Xi Jinping to cool things down.
In other news, the U.S. Postal Service decided to resume accepting all mail and packages from China and Hong Kong after a brief pause. Federal Reserve officials mentioned that the big problems around tariffs are some of the challenges they face when thinking about U.S. monetary policy in the future.
Gold is often seen as a safe place to invest during tough economic times, but when interest rates go up, it can be less appealing. Recently, a report showed that U.S. businesses added 183,000 jobs last month, which was better than the predicted 150,000 jobs. The U.S. employment report coming out on Friday will give more information about the economy’s strength.
Additionally, other precious metals like silver, platinum, and palladium also saw slight increases in price, with silver up 0.1% to $32.35, platinum up 0.2% to $981.81, and palladium up 0.1% to $990.66.
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