The June gold futures price on the New York Mercantile Exchange surged by 3.27 percent on Wednesday from the previous trading day, once again setting a new historical closing high.
As of the market close, the gold futures rose to 3,346.4 U.S. dollars per troy ounce.
According to some analysts, investors sought shelter by buying gold as a safe-haven asset following a speech made by U.S. Federal Reserve Chairman Jerome Powell earlier on Wednesday.
Powell warned that the administration's tariff hikes are likely to cause a short-term rise in inflation, while supply chain disruptions could lead to more persistent pressure.
Int'l gold prices hit new high
Int'l gold prices hit new high
Int'l gold prices hit new high
Int'l gold prices hit new high
Officials and scholars from the Latin America and Caribbean (LAC) region have welcomed Chinese President Xi Jinping's keynote address at the opening ceremony of the fourth ministerial meeting of the China-CELAC Forum in Beijing on Tuesday.
They said that the speech laid out the practical achievements and broad prospects of the China-LAC community with a shared future, put forward new initiatives and actions for the development of China-LAC relations, and signaled the direction for both sides to achieve common development and revitalization and write a new chapter in China-LAC relations.
"The projects designed by China for this region meet the needs of Latin American countries. In terms of development and investment projects, such as infrastructure, clean energy and digitalization, they are very important for Cuba. And projects such as the planned Brazil-Peru bi-oceanic railway and the expansion of the port of La Guaira in Venezuela directly and indirectly create jobs and benefit Latin American people," said Eduardo Regalado, a researcher at the International Policy Research Center of Cuba.
Uruguayan President Yamandu Orsi said that his country is committed to carrying forward the positive momentum of the China-CELAC Forum when it assumes the rotating presidency of CELAC from Colombia in 2026.
"Uruguay is looking forward to taking over next year and continuing the tradition of the past decade. To this end, we must strengthen the development of these platforms for promoting multilateralism, and carefully protect the achievements made by both sides at this year's meetings. We should not only achieve development in the field of economy and trade, but also contribute to promoting world peace," he said.
Other politicians from Latin America pointed out that China and LAC countries are all important members of the Global South, and are comprehensive cooperative partners featuring equality, mutual benefit and shared development. In a profoundly changing world, the strengthening of China-LAC solidarity and collaboration is an example of true multilateralism and sets a model for South-South cooperation, some said.
"President Xi Jinping has a broad vision for global development. China has made amazing development achievements, which have become a part of modern society, including technology, artificial intelligence and clean energy. The inflow of Chinese investment, such as for the construction of Chancay Port, has activated development in a variety of sectors [in Peru]," said Edgar Tello, a Peruvian congressman.
"President Xi Jinping announced the strengthening of South-South cooperation and the launch five programs. It will give more Latin American people the opportunity to study in China. China will provide a 66-billion-yuan (about 9.16 billion U.S. dollars) credit line to provide financial support for the development of LAC countries. And China will promote the civilization program to carry out cooperation in archaeology and civilization research. Such mutual cooperation and win-win initiatives between China and LAC countries are inspiring. We in Honduras are sincerely delighted with the series of cooperation plans announced by President Xi," said Rasel Tome, vice president of the National Congress of Honduras.
Officials, scholars praise Xi's keynote speech at China-CELAC Forum
