Gold prices bounce back from one-week low on dip buying

[BENGALURU] Gold rose on Thursday (Apr 24) as investors bought the dip after prices hit one-week lows in the previous session on US President Donald Trump’s reassurance about not firing Federal Reserve chair Jerome Powell and his remarks on China trade talks.

Spot gold rose 1.1 per cent to US$3,324.27 an ounce, as at 0020 GMT.

Bullion slipped below US$3,300 an ounce level on Wednesday to hit its lowest level since Apr 16.

US gold futures gained 1.3 per cent to US$3,335.60.

US Treasury Secretary Scott Bessent said on Wednesday that high tariffs between the US and China are not sustainable, as Trump’s administration signalled openness to de-escalating a trade war between the world’s two largest economies that has raised fears of recession.

Trump is planning to spare carmakers from some tariffs following intense lobbying by industry executives over recent weeks, the Financial Times reported on Wednesday, citing a couple of sources familiar with the matter.

Gold, which is traditionally seen as a hedge against economic and political uncertainty and often thrives in a low-interest rate environment, hit a record high of US$3,500.05 on Tuesday.

The US dollar index fell 0.1 per cent against its peers, making greenback-priced bullion cheaper for overseas buyers.

Elsewhere, the world’s biggest gold miner Newmont beat Wall Street estimates for its first-quarter profit on Wednesday, as a rally in bullion prices helped offset the impact of lower production.

Spot silver rose 0.3 per cent to US$33.65 an ounce, platinum was steady at US$972.44 and palladium lost 0.8 per cent to US$936.75. REUTERS