Gold rebounds above $ 3,000/oz due to the fear of trade war, weak dollar

* China calls the tariff -skalation “extortion” * Focus on Wednesday’s Fed -Minute * Palladium rises more than 1% by Brijesh Patel April 8 -Gold prices rose above $ 3,000 per gram on Tuesday than a weaker US dollar and an increasing trade tension between the world’s two largest economies for the secure Haven asset. Spot Gold rose 0.8% at $ 3,007.69 an ounce at 10:58 AM, and moved away from a lowest three-week low on Monday at a retreat of last week’s record high of $ 3,167.57. US gold futures achieved 1.6% to $ 3,021.90. “Despite the fact that he has fallen three consecutive sessions, Gold Bullish remains with trading tension and the prospect of lower US interest rates lures its luk,” said Lukman Otunuga, senior research analyst at FXTM. “A solid outline of more than $ 3.055 can open the doors to $ 3.100 and $ 3.130. Sustained weakness under $ 3,000 can see that gold can slide to $ 2,950 and $ 2,930.” Concerns about a global trade war since US President Donald Trump’s announcement of reciprocal rates on April 2 raised the fear of a recession and urged investors to resort to the safe Haven assets such as gold. China refused to bow to what it called “blackmail” from the US, as a global trade war was set on fire by Trump’s livestock tariffs, showed little sign of dismantling. Gold, often used as a safe value of value in times of political and financial uncertainty, has increased by 15% so far this year. The dollar index further helped to help gold. Investors are now looking forward to a few minutes of the US Federal Reserve’s latest policy meeting owed on Wednesday for more clues on the path of rate cuts. Traders price about 40% chance of a Fed cut in May. Zero yields bully tends to thrive in a low interest rate environment. “The significant increase in the expectations of the rate cut in recent days indicates that the gold price will soon rise again,” Commerzbank said in a note. Elsewhere, Spot Silver rose 0.1% to $ 30.15 per gram, platinum rose 0.2% to $ 915.25 and palladium lowered 1.23% to $ 907.43. This article was generated from an automated news agency feed without edits to text.