Early in the Asian session, gold is trending upward. After the U.S. placed taxes on worldwide imports of steel and aluminium, the EU and Canada announced retaliation tariffs against the U.S. on Wednesday, further heightening the likelihood of a global trade war. These possibilities may increase the precious metal’s allure as a safe refuge. Samer Hasn of XS.com writes in an email that there is concern over the effect of tariffs on the U.S. economy amid discussions of a recession. Hasn also notes that President Trump’s constant “start-and-stop” on tariffs has contributed to the escalation of market turbulence. Spot gold has increased by 0.1% to $2,937.82/oz.
