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Dow Jones drops 400 points as gold rises amid trade uncertainty

2019-08-05 01:54 pm | Resource: News | No Views : 69

مؤشر داو جونز ينخفض ​​400 نقطة مع ارتفاع الذهب وسط عدم اليقين التجاري

Markets in the United States began trading deep in the red zone on Monday with trade tensions looming between Washington and Beijing. President Donald Trump criticized China for devaluing its currency, calling it a "major breach". The yuan fell to a level last seen in May 2008 earlier in the day, days after the US president announced an additional tariff on Chinese products, despite ongoing trade negotiations.

"Trump": The depreciation of the yuan to a historical level means China manipulated its currency

 US President Donald Trump expressed his dismay at the Chinese currency's slide to its lowest level in nearly 11 years by tweaking its Twitter account. Trump said China had lowered its currency to an almost historic low, which he called "currency manipulation," adding that the People's Bank of China did not object to the decline. He hinted at the Fed's policies, noting that this was a major breach that Beijing would greatly weaken over time.

Palladium jumps more than 1.5% with stocks falling

Palladium continued its gains on Monday, rising slightly above 2% at its session high, following strong gains in gold, silver and platinum. Meanwhile, Wall Street stocks fell in pre-market trading, under pressure of uncertainty over US-China trade relations.
  • Palladium traded up 1.57% to $ 1432.16 an ounce. At 3:23 pm CET.
  • Gold rose 1.48% at 3:25 CET, trading at $ 1,462.35.
  • Platinum rose 1.34% at 3:26 pm CET, trading at $ 8585.87.
  • Silver rose 1.26% at the same time, at $ 16.42 an ounce.

US stocks traded
  • The Dow Jones industrial average lost 475 points, or 1.75%, at 03:38 pm. .
  • The Nasdaq 100 was down 2.27% at the same time, followed by the S & P 500 falling 1.76%.

The euro rose e0.60% against the dollar at 9:40 am EST, recording $ 1.11748, the highest level since July 25.


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