Spot gold prices retreat as selling pressure persists

Gold bars 

Spot gold prices contracted today, April 7, albeit bullion futures maintained an uptrend, amid market turmoil fueled by the US-China trade war.

June gold futures climbed by 0.22%, or $6.80, to $3,042.2 per ounce at 11:35 am Makkah time.

Spot prices, however, shed 0.45% to $3,023.49 an ounce, marking the lowest level since March 26.

Elsewhere, silver futures for May delivery leapt by 2.82% to $30.05 per ounce, while spot platinum prices fell 0.60% to 919.57 an ounce.

Gold futures received support from a 0.22% pullback in the US dollar index, which gauges the greenback’s strength against a basket of six major currencies, to stand at 102 points.

But spot gold prices continued to decline due to selling pressure from investors seeking to cushion losses in other riskier markets and assets.

Stocks on Wall Street and across global markets suffered widespread losses last week, extending into Monday's session. This followed the US administration’s imposition of hardline tariffs on all countries, with China responding with countermeasures.