Lebanon today »Gold hovers near its standard levels with the escalation of trade tension between Washington and Beijing

Gold prices rose slightly today, Thursday, hovering near their highest historical levels in the previous session, amid the escalation of fears of the exacerbation of the customs duties war between the United States and China, which strengthened the demand for the precious metal as a safe haven.

Investors are awaiting US job data for signals about the power of the world’s largest economy. In instant transactions, gold rose 0.1% to 2867.79 dollars an ounce by 00:32 GMT, after a record level at $ 2882.16 in the previous session. On the other hand, US gold futures fell 0.2% to $ 2887.10.

This rise came after China imposed new customs duties on American goods in response to similar measures from Washington, which led to an escalation of trade tensions. In this context, US President Donald Trump confirmed that he is not in a hurry to hold talks with his Chinese counterpart Xi Jinping to defuse the crisis.

Gold is usually seen as a safe haven during periods of economic and geopolitical turmoil, but high interest rates may limit its attractiveness as it originally does not generate returns.

As for other precious metals, slight altitudes have been recorded:

• Silver rose 0.1% to $ 32.35 an ounce.
• Platinum rose 0.2% to 981.81 dollars.
• Palladium increased by 0.1% to 990.66 dollars.

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