Gold futures prices slipped on June 3, giving up some of the gains from Monday’s strong rally, but remained elevated amid renewed trade concerns. Renewed trade concerns and heightened geopolitical tensions have supported gold’s safe-haven attributes, ING analysts said in a note. Trump had previously threatened to double tariffs on steel and aluminum to 50 percent starting Wednesday, prompting Canada and the European Union to say they would retaliate. At the same time, heightened geopolitical tensions following a series of Ukrainian drone strikes on Russia cemented gold’s safe-haven status and supported gold prices.
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Gold futures pulled back some of their rise, but remain at a high level.
Gold futures prices slipped on June 3, giving up some of the gains from Monday’s strong rally, but remained elevated amid renewed trade concerns. Renewed trade concerns and heightened geopolitical tensions have supported gold’s safe-haven attributes, ING analysts said in a note. Trump had previously threatened to double tariffs on steel and aluminum to 50 percent starting Wednesday, prompting Canada and the European Union to say they would retaliate. At the same time, heightened geopolitical tensions following a series of Ukrainian drone strikes on Russia cemented gold’s safe-haven status and supported gold prices.