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Gold price fell more than 1 percent as trade tensions eased

2019-07-01 12:14 pm | Resource: News | No Views : 57

Gold  price fell more than 1 percent as trade tensions eased

Gold prices fell more than 1 percent on Monday, as the interim US-China trade truce led to a drop in demand for a safe haven. Gold is hovering near its lowest level in more than a week as the US dollar rallied after the United States and China agreed to resume trade talks and decided not to impose additional fees on each other's products.

China and the United States will face a long road ahead of reaching an agreement to end their bitter trade war, with more fighting likely after both sides said they would continue talks, state media reported on Sunday. After the United States agreed to postpone the imposition of additional charges on Chinese goods indefinitely with the removal of some restrictions on Huawei. Purchased high-tech equipment from the United States.

US stocks rise led by Apple shares after the ban Ban Huawei

Shares of Apple Inc. jumped in pre-market trading on Monday amid trade tensions after US President Donald Trump met with his Chinese counterpart. Where progress in the G20 summit talks boosted investors' appetite for high-risk assets while reducing demand for safe assets such as gold and yen.

The hope of finding a solution to the China-US trade war was welcomed by markets around the world, with the Dow Jones Industrial Average and the S & P 500 recording new record highs.

During the weekend at the G20 summit in Osaka, President Trump announced that he agreed to delay any new tariffs on Chinese goods and ease restrictions on US companies from selling products to Huawei. "American companies can sell their equipment to Huawei, I am talking about equipment that does not have a major national emergency problem," he said. "Huawei is a complicated situation, we agreed to let go of that - we will eventually leave Huawei, we will see, we will see where we will go with the trade agreement," Trump said.

Apple rose 2.81% at 6:52 CET.

Precious metals trading
  • Spot gold fell 1.4 per cent to $ 1389.42 an ounce.
  • While gold futures in the US fell 1.5 per cent to $ 1,392.45 an ounce.

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