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Precious metals rise of and gold at the highest level in six years

2019-08-05 12:24 pm | Resource: News | No Views : 72

  Precious metals rise of and gold at the highest level in six years

Precious metals posted strong gains on Monday on the back of deep trade war fears. Safe haven assets rose as global equities plummeted following the recent escalation in the US-China trade dispute.

US stock index futures were recorded

Where more losses were recorded on Monday as the Chinese yuan hit its lowest level in a decade, spurring continued sell-offs due to Friday's trading worries, which generated the worst performance of the S & P 500 in 2019. Last week, Trump has a 10% tariff on China's remaining $ 300 billion worth of exports to the United States, despite objections from his advisers. At the same time, fears surrounding the war have pushed crude oil prices to red.

All three major indexes on Wall Street fell sharply at the end of last week after President Donald Trump stepped up a temporary trade truce by promising another round of tariffs on Chinese imports.

The market's support since May evaporated from expectations of a strong round of monetary easing following the US Federal Reserve's statement last week.
  • The S & P 500 and the Dow fell about 1.4%
  • Nasdaq futures fell 1.7%.

Bond market signals were also appalling as investors looking for safer assets pushed US 10-year Treasury yields to their lowest level in three years after their biggest seven-year drop in seven years on Friday.

Precious metals trading
  • Gold rose 1.35% to $ 1460.22 an ounce at 6:41 am EST,
  • Silver jumped 1.85% to $ 16.51 an ounce.
  • At the same time, palladium rose 0.11% to $ 1411.56 an ounce,
  • Platinum jumped 1.45% to $ 856.75.

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