Gold retreats from all-time high

Gold bars

Gold prices fell today, Feb. 6, but remained near the all-time high it reached yesterday amid increased momentum of demand for safe-haven assets due to US trade threats.

April gold futures slipped by 0.15%, or $4.30, to $2,888.70 an ounce at 09:33 am Makkah time, after ending Wednesday's session at $2,893 apiece.

On the other hand, spot prices climbed by 0.19% to $2,870.49 per ounce, nearing the all-time high of $2,882.16 recorded in yesterday's trading.

Elsewhere, March silver futures plunged by 0.67% to $32.755 per ounce, while platinum spot prices rose 0.64% to $990.52 an ounce.

Trade risks remained the key supporter of the precious metal's prices throughout the current week.

This is after US President Donald Trump imposed this week comprehensive unilateral tariffs on China, with Beijing responding by imposing selective tariffs on some of its imports from the US, in a mutual escalation between the world’s two largest economies.

Moreover, China filed a formal complaint with the World Trade Organization yesterday regarding US practices. In a statement, the organization said Beijing requested talks with Washington on the recent tariffs.

On another note, investors are selling gold stored at the Bank of England at a discount of more than $5 an ounce from the spot price on the London Stock Exchange, fearing that Trump would target the UK with tariffs, Bloomberg reported, citing informed sources.