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Gold is poised for developments in tensions between China and the US

2019-05-10 09:35 am | Resource: News | No Views : 48

Gold is poised for developments in tensions between China and the United States

Gold prices settled in Friday's trading, heading for weekly gains after rising yesterday to reach the settlement price of $ 1285.2, on the way to record weekly gains by about 0.3%.

Despite the escalating trade war between the world's two largest economies and market anticipation of countermeasures pledged by Beijing.

 Wall Street is falling as the US-China trade row continues

US stocks fell in the pre-Friday market, with the latest customs duties up 25% on Chinese goods worth $ 200 billion at midnight, making the trade deal uncertain

US President Donald Trump said yesterday he had thought of an "excellent alternative" to a trade deal after receiving a message from his Chinese counterpart, Xi Jinping, although he did not specify details of the speech or details of the alternative. The trade talks are due to resume later in the day in Washington, DC.

The United States on Friday boosted tariffs on Chinese imports worth 200 billion dollars to 25 percent, as US President Donald Trump stepped up pressure on Beijing and threatened to impose additional tariffs on all China exports to America. The tariff increase came into effect hours after US and Chinese negotiators met in hopes of restarting stalled trade talks.

Discussions are due to resume today, but the White House said it had no plans to suspend the tariff increase.
  • The Dow Jones Industrial Average was down 0.14% at 10:34 am CET.
  • While the Nasdaq 100 performance was slightly better, losing 0.08%.
  • Meanwhile, the S & P 500 fell 0.13%.

 The dollar index, which measures the performance of the greenback against a basket of six currencies, also stabilized at 97.4 points. At the same time, the euro traded slightly higher by 0.07% against the US dollar, to go at 1.1223.

Precious metals trading
  •  Gold futures settled for June delivery at $ 1285.5 an ounce, at 11:01 am CET.
  • The spot price of precious metal settled at $ 1284.6 an ounce,

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