Quick overview

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The bullion asset steadied on Wednesday in London trade, briefly reaching all-time highs as ongoing worries about the state of the global economy. Trade tariffs continued to favor safe-haven assets for traders.

XAU/USD briefly reached a record high of $3,548/oz earlier in the day, but it steadied at $3,535/oz, while gold futures for December increased 0.3 percent to $3,600/oz.

However, the dollar’s recovery overcame the yellow metal’s gains, recovering most of its losses this week as a global selloff in government bonds drove traders into the U.S. markets. Along with its industrial and precious counterparts, the yellow metal continued to hold steady gains this week.

London copper futures briefly surpassed $10,000 per ton for the first time since March amid growing optimism that demand in top importer China will improve

Spot gold briefly reached a record high of $3,548/oz earlier in the day, but it steadied at $3,535/oz, while gold futures for December increased 0.3 percent to $3,600/oz.

President Donald Trump was only allowed to maintain his trade tariffs until the middle of October after an appeals court declared that most of them were unlawful. Trump said he would appeal to the Supreme Court and criticized the decision.

However, if more decisions are rendered against Trump’s tariffs, Washington may be forced to renegotiate recent trade agreements, which would signal further disruptions in international trade. As worries about the high levels of debt in the developed world grew, global bond yields increased on Tuesday, further contributing to the risk-off sentiment. However, the dollar gained some strength due to a sell-off in international bonds, which in turn restrained the rise of gold.