(Bloomberg) — Gold rebounded following its steepest one-day loss this year as traders parsed mixed signals from the US on plans for China tariffs.
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Bullion gained toward $3,330 an ounce, after plunging 2.7% on Wednesday, the most since November. Among the latest signals from Washington, Treasury Secretary Scott Bessent cast doubt on a timely resolution to the US-China trade war. That followed more conciliatory remarks from President Donald Trump.
“The temporary reprieve from Trump has fizzled out,” said Priyanka Sachdeva, a Singapore-based analyst at Philip Nova Pte. “Investors who missed the dip-buying wagon earlier in April drove the rise today.”
Gold has had a volatile ride this week, initially hitting a record above $3,500 an ounce on Tuesday, before posting a two-day slump. The initial run-up was driven by a harsh line from Trump against China, as well as remarks attacking the US Federal Reserve. The reversal followed an about-face from the president.
The market’s ructions have roiled trading in China. Futures for the precious metal in Shanghai posted their largest intraday drop since 2013 on Wednesday. In addition, trading volumes surged to a record.
Gold traded 1.1% higher at $3,329.16 an ounce at 11:47 a.m. in Singapore, after being up by as much as 2.4% earlier in the session. The Bloomberg Dollar Spot Index edged lower. Silver and platinum fell, while palladium was little changed.
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