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Gold is trading near its highest level in a month amid demand for safe haven

2019-05-14 09:20 am | Resource: News | No Views : 26

 Gold is trading near its highest level in a month amid demand for safe haven

Gold prices settled near a three-month high Tuesday after hitting $ 1303.26, the highest level since April 11. The escalating trade dispute between the United States and China prompted investors to seek safe haven.

Wall Street futures rise after selling yesterday

US stocks were in the green zone in pre-market trading on Tuesday as investors remained cautious after Wall Street sold yesterday due to fears of a trade war. On Monday, stock markets fell after China announced it would raise tariffs on $ 60 billion of US goods to 25% from June 1 in response to Washington's recent rise. Market watchers also digested John Williams' remarks on monetary policy in New York earlier in the day.

Asian stocks continued their losses today after sharp overnight declines on Wall Street, the yen rose and US Treasury yields fell after Beijing announced yesterday higher import duties on US imports in response to Washington lifting tariffs on imports from China.

Chinese Foreign Ministry spokesman Geng Shuang told reporters Tuesday at his daily press conference that the United States should not underestimate China's determination to protect its interests in the ongoing trade dispute between the two countries. He added that although Beijing does not want to enter into a trade war with the United States, it is not afraid of one but will continue negotiations with it.

Stock Futures

  • The Dow Jones Industrial Average rose 0.19%, adding about 50 points at 10:22 am CET.
  •  The S & P 500 rose 0.20% at the same time.
  •  Meanwhile, the Nasdaq 100 rose 0.35% at 10:23 am CET.


The euro was up 0.16% against the US dollar to hit 1.1239 at 10:23 am.

Precious metals trading
 

  • Spot gold settled at $ 1298.63.
  • Gold futures fell 0.2 percent to $ 1299.40.
  • Silver rose 0.2 percent to $ 14.79 an ounce
  • Platinum rose 0.9 percent to $ 861.13.
  • Palladium rose 0.6 percent to $ 1329.25.


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