The price of precious metals continued to gain ground on Wednesday, seemingly driven by increased demand for safe-haven assets as fears of a full-blown trade war raised concerns about a global recession.
Earlier, China revealed plans to increase its retaliatory duties on American imports to 84% from the previous 34%, intensifying the dispute between the world's leading economic powers. This response came after US President Donald Trump's administration expanded tariffs against Chinese products to 104%. Meanwhile, EU officials confirmed plans to implement retaliatory tariffs on €21 billion worth of American products, effective April 15.
Gold added 3.33% at 11:21 am ET, going for $3,081. Silver added 1.74%, selling at $30.33 a minute later. Platinum gained 0.11%, going for $922.63, while palladium was up by 0.24%, trading at $896.20.
