China to impose tariffs of 34% on all US goods
Beijing also announced controls on exports of medium and heavy rare-earths, including samarium, gadolinium, terbium, dysprosium, lutetium, scandium and yttrium to the United States, effective April 4.
"The purpose of the Chinese government's implementation of export controls on relevant items in accordance with the law is to better safeguard national security and interests, and to fulfill international obligations such as non-proliferation," the Commerce Ministry said in a statement.
It also added 11 entities to the "unreliable entity" list, which allows Beijing to take punitive actions against foreign entities.
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Gule cautioned that while there are 'glimmers of diplomatic progress, the path to peace is riddled with obstacles", meaning gold is unlikely to fully lose its geopolitical hedge premium. Longer-term structural concerns over US debt also support the case for bullion. Standard & Poor's reaffirmed America's sovereign rating with a stable outlook, but flagged rising fiscal deficits and debt now nearing 100 per cent of GDP. Analysts warn this could gradually erode dollar confidence, making gold an indispensable portfolio hedge. Technically, the market is confined to a trading band of $3,330 to $3,360 an ounce, though analysts say such compression often precedes a breakout. A sustained breach above $3,450 could drive momentum toward $4,000 before year-end if the Fed adopts a dovish stance. Conversely, hawkish guidance from Powell could see a retreat toward $3,300. 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