"While hypothetical, this scenario illustrates why we remain structurally bullish gold and think prices have further to run," analysts at JPMorgan said.

Investors rattled by the growing global trade war flocked to gold-backed exchange-traded funds in the first quarter, with inflows propelling bullion’s 19% rally in the three-month period, according to the World Gold Council.

Politics and science combined to wipe $225 an ounce off the price of gold in three weeks thanks to war zone peace talks and an experiment in making gold.

AUD/USD has turned positive and regains 0.6400 after Australian Consumer Confidence rebounded 2.2% in May from April’s -6% drop. Additionally, a broad US Dollar retreat, as traders weigh the US-Chian trade truce, also adds to the pair's upside. All eyes remain on US CPI data.

Crypto prices have collapsed as President Donald Trump's trade war has expanded. The current uncertainty around tariffs has a lot of smart people on Wall Street talking about the potential demise of the U.

Waratah Capital Advisors Ltd. is betting on gold to lift its returns this year as investors pile into the asset to shelter their wealth during the global trade war.

American levies on Chinese goods will drop from at least 145% to 30% for an initial period of 90 days, while Chinese levies are set to fall from at least 125% to 10% on American goods.