Gold edged towards $4,200 on Wednesday, lifted by expectations of a rate cut this month by the Fed and an investor flight to safety after a flare-up in trade tensions between Washington and Beijing.
Trump on Tuesday said his administration is considering "terminating business with China having to do with Cooking Oil" in retaliation for Beijing refusing to buy US soybeans.
Beijing has not bought a single American soybean since May. But its soybean imports remained at historically high levels in August, with companies making huge purchases from Brazil and other South American growers.
The world's two largest economies have also started charging new port fees on each other's ships. On top of that Beijing added five US subsidiaries of South Korean shipbuilder Hanwha Ocean to its sanction list.
Wall St banks give the nod to the bull run. Goldman Sachs raised on Monday its December 2026 gold price forecast to $4,900 per ounce, citing strong Western ETF inflows and likely central bank buying.
Bank of America Global Research raised its price forecasts for precious metals, lifting its 2026 outlook for gold to $5,000 an ounce, with an average of around $4,400.
Bullion has apparently stayed in the overbought territory for quite a while, but there are few signs of reversal. The hurdle could lie around $4,180 where the metal seems prone to a moderate pullback.
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