2018.04.0407:11:00UTC+00Gold Rallies As Trade War Looms

Gold futures were higher Wednesday morning as U.S. stocks remained volatile, improving the precious metal's safe haven appeal.

The Dow Jones Industrial Futures plunged 500 points this morning, as China replied to President Trump with its own tariffs on U.S. goods.

Concerns about a trade war have been spooking the markets for a month.

Gold was up $9 at $1346 an ounce.

Eurozone inflation accelerated in March largely on food prices, flash data from Eurostat showed. Inflation rose to 1.4 percent in March from 1.1 percent in February, staying below the European Central Bank's target of 'below, but close to 2 percent'.

Another report showed that the euro area unemployment rate declined in February to the lowest since late 2008. The jobless rate fell to 8.5 percent in February from 8.6 percent in January. This was the lowest since December 2008 and in line with expectations.