Gold scaled fresh highs and stock markets steadied as Donald Trump’s softer tone towards China eased fears over a new front in the trade war between the two global powerhouses.
Bullion raced to a record $4103 an ounce – taking gains for the year to a 57 per cent – as nervous investors looking for somewhere safe to park their cash continued to pile into the precious metal.
But stock markets in New York and London also rebounded after Trump appeared to row back on his plan for a ‘massive increase’ in tariffs on Chinese imports.
Having issued the threat on Friday, sending shares falling, the US President wrote on his Truth Social page on Sunday: ‘Don’t worry about China, it will all be fine.
Highly respected President Xi just had a bad moment. He doesn’t want depression for his country, and neither do I.’
The FTSE 100 added 0.2 per cent having lost 0.9 per cent on Friday. On Wall Street, the S&P 500 rose 1.6 per cent and the Nasdaq rose 2 per cent after its 3.5 per cent Friday fall.
Glittering returns: Bullion raced to $4103 an ounce – taking gains for the year to a 57% – as nervous investors continue to look for somewhere safe to park their cash
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