The gold commodity asset market rose high to $3,080, recovering its price that had declined since the week opened as tensions in the trade war between the United States (US) and China continued to heat up.
At 9.40 am, the price of gold was at $3,080.74, which has remained stable since it opened in early trading on Thursday in the Asian session.
US President Donald Trump on Wednesday announced a 90-day delay in new tariffs on most US trading partners to give room for negotiations.
However, the 125% tariff that has been increased to China will take effect immediately due to Beijing's 'disrespect' for the world market, according to Trump.
Economic uncertainty and concerns that Trump's tariff policies will trigger inflation and slow economic growth continue to support gold's position.
For now, the market will position themselves to await the Consumer Price Index (CPI) inflation report to be presented at 8.30 tonight in the New York session. The inflation data will be the main indicator in looking at the direction of the US dollar and gold.
