Gold inches up on sustained trade war concerns

Gold prices surge over ₹1,000 in a day, hit record highs

Gold futures for December delivery jumped 2.2% to trade at $1,522.70 per ounce.

Spot gold gained 2.4% at $1,508.81 per ounce at 12:33 p.m. EDT (1633) GMT, having touched $1,510, its highest since April 2013.

Other precious metals also rose, with silver gaining 1.8% to $16.74 per ounce, its highest since June 2018.

Gold prices in India continue to surge to new highs.

Indicative of sentiment, SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings rose 0.21% to 836.92 tonnes on Tuesday from 835.16 tonnes on August 5. Last week, United States president Donald Trump threatened to impose additional tariffs on China's exports, which if implemented will mean that all Chinese goods entering the American soil will be subject to some kind of duties.

Global cues, such as sustained trade war concerns and a massive fall in the Chinese yuan and other emerging markets (EMs) currencies, affected the gold price volatility.

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Meanwhile, U.S. short-term interest rates futures rose on Wednesday, as traders increased bets that the Federal Reserve would cut key borrowing costs three more times by year-end. "Clearly, safe haven products have been the stars of the show", said David Meger, director of metals trading at High Ridge Futures.

Lower U.S. interest rates put pressure on the dollar and bond yields, increasing the appeal of non-yielding bullion.

On Wednesday, New Zealand's Reserve Bank shocked markets with a half-percentage point interest-rate reduction, while India's central bank also delivered a bigger-than-expected move.

Gold prices have been surging for the last few days and had hit Rs 36,970 mark on Monday.

Speaking to the media, DailyFx's currency analyst Ilya Spivak cautioned, "Trade wars are the catalyst for the latest gains".

Goldman Sachs said it no longer expects a trade deal to be struck before the 2020 US presidential election, while Morgan Stanley warned that more tit-for-tat tariffs could tip the world economy into recession by the middle of next year.

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