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Gold prices rises as stocks fall after Trump customs threat

2019-08-02 09:11 am | Resource: News | No Views : 39

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Gold prices rose on Friday after Trump announced an additional tariff on Chinese imports as US President Donald Trump said on Thursday that the new 10 percent tariff on Chinese goods could reach 25 percent if necessary.

Trump said after he announced earlier today that he would impose a 10 percent tariff on the remaining 300 billion US dollars worth of goods from Sept. 1, saying he could do more or less with the tariff depending on how the negotiations progress. It was also stated that the latter charges were for a "short term" period and could be phased in.

The US president also claimed that Chinese leader Xi Jinping wanted to reach an agreement but did not act quickly enough. He said he would impose a tax on China until the two countries reached an agreement and that if China decided to stop trade with the United States, it would be "good" with him.

The Dow falls 100 pips ahead of the bell after the Chinese tariff threat

Wall Street stocks continued to fall in pre-market trading on Friday as the Dow lost more than 100 points after China vowed to take "retaliatory" measures for the US $ 1 billion tariff to be launched on September 1. The benchmark index was about 300 points lower at yesterday's close.

European indexes also recorded sharp losses as trade tensions between the world's two largest economies mounted.
The markets are looking for a monthly job report from the Ministry of Labor. The world's largest economy is projected to add 164,000 jobs in July from 224,000 in June, and the unemployment rate down 0.1 percent to 3.6 percent.

US Futures Contracts
  • The Dow Jones Industrial Average fell 0.38% at 4:18 am, or 101 points in the red zone.
  • The S & P 500 index fell 0.56% at 4:21 am ET,
  • The Nasdaq 100 fell 0.37%.

The euro rose 0.15% against the dollar at 4:26 am EST, versus $ 1.11010.

Gold trading up
  • Gold for December delivery rose 0.95% or $ 13.8 to $ 1446.20 at 9.44 am.

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