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Gold falls from a 14-month high amid improving sentiment

2019-06-10 11:56 am | Resource: NEWS | No Views : 94

 Gold falls from a 14-month high amid improving sentiment

Gold prices fell sharply on Monday amid an improvement in risk appetite after the Trump administration suspended tariffs on all Mexican goods indefinitely. Data showed that China's exports unexpectedly returned to growth in May despite rising US tariffs.

China's exports grew 1.1 percent last month after falling 2.7 percent in April, according to customs data. Analysts had expected a 3.8 percent drop.

A letter from the G-20 outlines the road map to resolve the trade war

European Union Commissioner for Economic and Financial Affairs Pierre Moscowevci said Monday in Tokyo that the joint statement issued by the G20 finance ministers warning of "intensifying" trade tensions makes it clear that the United States and China should resolve their issues. The two largest economies reached agreement at the G20 leaders' summit later this month in Osaka.

The EU should continue to monitor issues such as Britain's exit from the European Union and financial Italy, he said, adding that "the rise of protectionism and skepticism of pluralism" must be addressed.

Earlier, French Finance and Economy Minister Bruno Le Mayer warned that the escalation of the US-China trade war would mean "an economic crisis all over the world, especially in Europe." The Mexican peso raised more than 2 percent after the Trump administration announced it would give up On Mexico's tariff plans in exchange for tougher efforts to control illegal border crossings.

The strong dollar also weighed on gold prices. The US dollar rose broadly after selling pressure on Friday after weaker-than-expected jobs.

Gold Trading
  • Spot gold fell 0.9 per cent to $ 1,328.56 an ounce, after reaching its highest level since April 19, 2018 at $ 1,348.08 an ounce in the previous session.
  • Gold futures in the US fell more than 1 percent to $ 1332.65 an ounce.


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