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Gold fell after China is tariff peaks

2018-09-18 01:34 pm | Resource: News | No Views : 197

  Gold prices fell on Tuesday despite the US announcement that it would impose 10% of China's $ 200 billion customs duties on Chinese goods.

US President Donald Trump said in a statement on Monday that the United States is imposing 10 percent customs duties on Chinese goods worth 200 billion dollars and that the tariff will rise to 25 percent in January 2019. Trump added that "if China takes retaliatory measures against our farmers or industries Other, we will immediately follow the third phase, which is tariffs on approximately $ 267 billion of additional imports. "

Gold prices have been under pressure in recent months despite growing trade tensions between the United States and its trading partners as investors resorted to the dollar for safety. The USD received some support earlier in the session and rallied to 94.607 after the trade news.

All of these news put downward pressure on the commodity. The imminent Fed rate hike was seen as one of the key factors affecting non-yielding yellow metal.

In addition, a modest rebound in the US dollar has further reduced the demand for the dollar-denominated commodity, with the positive opening on the European stock exchanges as well, which has done little to revive demand for safe haven.

Currently, the price is trading below the psychological barrier of $ 1200, and the commodity is still confined to a broader trading range over the past three weeks and seems to be waiting for a new catalyst before the next stage of the trend.

US interest rates have also been shown to be counterproductive to precious metals.

Gold futures for December delivery fell 0.17% to $ 1,203.70 an ounce at 11:00 GMT on the Comex section of the New York Mercantile Exchange.

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