Gold back at the highs again amid US-China kerfuffle

The precious metal trades back up to record highs upon returning from the weekend
The gold train is back on track to kick off the new week, with precious metals once again attracting strong buying interest in today’s trading. Gold has climbed nearly 1%, retesting the recent highs around $4,060 reached during last week’s surge. Although some profit-taking caused a brief pullback, dip buyers quickly stepped in, supported by the latest US-China developments.

The renewed tensions between the two sides once again highlight the inconsistent and erratic nature of US policy, while also underscoring that Beijing has no intention of backing down in the ongoing trade war — evident in its threats to impose restrictions on rare earth exports as a way to pressure Washington.

In any case, gold remains a key beneficiary of these tensions, rising back toward the $4,060 mark ahead of the European session.
Meanwhile, silver has gained more than 2%, trading around $51.54, following last week’s breakout above $50 — suggesting the sky’s the limit for further upside.