- Gold prices experience a rise of more than 1% on Thursday, rebounding after two days of consistent selling.
- President Trump’s remarks conflict with previous indications of de-escalation; new tariffs for China anticipated in the coming weeks.
- The market is reacting to the latest remarks from both President Trump and Secretary Bessent.
The price of gold (XAU/USD) is attempting to recover from a two-day decline, climbing to $$3,325 at the time of this report on Thursday, following a peak of $3,500 on Tuesday. President Trump made additional statements from the Oval Office on Wednesday, suggesting that China could face new tariff rates within the next “two to three weeks.” Bloomberg reports that nations currently engaged in negotiations may also encounter reciprocal tariffs if discussions do not progress as desired by the President.
Concurrently, Treasury Secretary Scott Bessent clarified on Wednesday that President Trump’s earlier statements did not constitute a unilateral offer to reduce US tariffs on China. When questioned about the absence of a unilateral de-escalation offer from the President, Secretary Bessent responded, “not at all,” according to Bloomberg. The Treasury Secretary indicated that the administration is considering various elements beyond tariffs, including non-tariff barriers and government subsidies provided by China.
