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Gold prices climbed 1% Wednesday at the highest level in more than six years in the absence of signs of a decline in the trade war between China and the United States, which boosted investor appetite for safe haven badets.
At 07:18 GMT, spot gold gained 1.1% to 1490.57 dollars an ounce, its highest level since April 2013.
The gold futures in the US rose 1.2% to $ 1501.50 an ounce.
The trade dispute between the world's two largest economies has rapidly escalated in recent days when US President Donald Trump announced that he would impose additional tariffs on imports from China.
China reacted on Monday by allowing its currency to fall below seven yuan for a dollar, a morally important level that has led Washington to qualify Beijing money manipulator.
At the same time, White House economic adviser Larry Kudlow said the Trump government wanted to continue trade talks with China and was still considering hosting a Chinese delegation in September.
Goldman Sachs however indicated that he no longer expected a trade deal before the US presidential election of November 2020, while Morgan Stanley warned that the exchange of customs duties between both countries could plunge the global economy into recession by the middle of next year.
Other precious metals have also increased. Silver rose 1.8% to $ 16.74 an ounce, its highest level since last June.
Platinum rose 0.9% to $ 854.88 an ounce and palladium rose 0.5% to $ 1443.62 an ounce.
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