Gold Rises Amid Renewed Trade Concerns Oil Climbs in Anticipation of U.S. Inventory Data
Gold prices rose in Wednesday’s trading as profit-taking slowed and investors returned to safe-haven assets following U.S. President Donald Trump’s threat to impose new tariffs on copper imports.
Topic
Gold
Gold futures climbed 0.20% or $5.8 to reach $2,924.60 per ounce, while spot gold fell 0.18% to $2,910 per ounce.
Silver futures for March delivery also increased by 0.75% to $32.065 per ounce,
whereas platinum spot prices dropped 0.67% to $965.37 per ounce.
This increase in gold prices came after Trump ordered the U.S. Department of Commerce to investigate copper imports
and consider potential tariffs, raising fears of an escalation in the global trade war.
Investors worried about the negative impact on the U.S. economy and rising inflationary pressures.
Meanwhile, U.S. consumer confidence declined sharply in February,
renewing concerns about a potential economic recession for the first time since last June.
Oil
Oil prices rose as investors awaited official U.S. inventory data following estimates from the American Petroleum Institute (API) indicating a decline in stockpiles last week, signaling a possible increase in demand.
Brent crude futures for April delivery gained 0.18% to reach $73.15 per barrel after hitting a year-low of $72.70 at the close of Tuesday’s session. Similarly, U.S. West Texas Intermediate (WTI) crude (NYMEX) rose 0.22% or 15 cents to $69.08 per barrel.
API’s report yesterday showed that U.S. crude oil inventories dropped by approximately 640,000 barrels last week,
while distillate stockpiles fell by around 1.1 million barrels. Meanwhile, gasoline inventories increased by 537,000 barrels.
Gold Rises Amid Renewed Trade Concerns