​EBC Markets Briefing | Gold well supported amid trade tensions

Gold retreated from its fresh high on Thursday but remained on solid footing as US stocks slumped again after Trump ordered a probe that could open up a new front in the global trade war. China is open to trade talks if the US names a point person to represent the country and shows respect by reining in disparaging remarks, according to a person familiar with the Chinese government's thinking. China on Wednesday appointed Li Chenggang as vice minister of commerce and a top representative for international trade negotiation, according to an official statement, replacing Wang Shouwen. In a BofA fund manager survey this week, 42% of respondents expected gold to be the best performing asset class in 2025. Goldman Sachs forecasts that prices will jump to $4,000 by mid-2026. The WTO warned on Wednesday that the outlook for global trade has "deteriorated sharply". the volume of world merchandise trade is now expected to decline by 0.2% in 2025, before a recovery of 2.5% in 2026. Investment flows into Chinese physically backed gold ETFs so far this month have exceeded those for the whole of the first quarter and overtaken inflows registered by US-listed funds, WGC data showed. Bullion has entered overbought territory with potential support around $3,260, but the uptrend will likely remain intact until all the dust has settled on US tariffs. EBC Wealth Management Expertise Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Group Corporate News or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
Contact:
mkt@ebc.com
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Investment involves risk. The content of this report is not an investment advice and does not constitute any offer or solicitation to offer or recommendation of any investment product.
Publication date:
2025-04-17 10:10:54 (GMT)
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