Gold prices soared on Tuesday as investors sought refuge in safe havens amid growing worries about slowing global growth and expectations for looser monetary policy.
U.S. President Donald Trump stoked trade tensions with China, warning that any trade deal would need to be “somewhat tilted” in favor of the United States.
Sentiment on trade took a further knock, propping up support for safe-haven gold after the U.S. government threatened tariffs on $4 billion of additional European Union goods amid a dispute over subsidies made to European aircraft manufacturer Airbus.
The yellow metal has also been propped up by expectations for looser monetary policy from central banks, with the Federal Reserve widely expected to cut rates this month.
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