Gold rallies from one-month low amid safe-haven demand

Gold bars 

Gold prices rebounded to the green today, April 8, after closing yesterday at their lowest level in nearly a month, as the escalating trade tensions sparked safe-haven demand.

June gold futures leapt by 1.51%, or $44.90, to trade at $3,018.50 an ounce at 10:54 am Makkah time, after closing yesterday’s session at the lowest level since March 11 at $2,973.60 apiece.

Spot prices also climbed by 0.73% to $3,004.36 per ounce.

Likewise, silver futures for May delivery advanced by 1.61% to $30.08 an ounce, with spot platinum prices also up 0.70% to $926.03 per ounce.

Over the past few sessions, investors sold off bullion to cover their losses from a wider market meltdown as an intensifying trade war sparked concerns of a global recession. However, persistent worries about an all-out global trade war buoyed investors’ appetite for gold during today’s trading.

US stock markets trimmed their losses at yesterday’s trading close despite continued volatility and after the White House refuted reports of a tariff pause, reflecting the high sensitivity of risk assets to current trade shocks.

Gold futures received support from a 0.11% pullback in the US dollar index, which gauges the greenback’s strength against a basket of six major currencies, to stand at 103 points.