As shelter demand was fuelled by worries that a worldwide recession may be brought on by an intensifying trade war, gold recovered from a near four-week low reached in the previous session to reach around $3,000 per ounce on Tuesday.
In the event that Beijing does not remove its 34% retaliatory tariffs, President Donald Trump threatened on Monday to put a further 50% charge in China beginning on Wednesday.
Concurrently, the European Union suggested 25% counter-tariffs on a variety of American products.
Investors are also keeping a careful eye on the minutes of the most recent Federal Reserve meeting, which are coming on Wednesday, the producer pricing report on Friday, the consumer inflation data on Thursday, and other indicators of the Fed’s monetary policy outlook.
Bullion has up over 13% so far this year, even if it dropped for three sessions in a row.
