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Gold rises as fears of economic recession and trade war escalate

2019-08-15 11:52 am | Resource: News | No Views : 57

الذهب يرتفع مع تصاعد المخاوف من الركود الاقتصادي والحرب التجارية

Gold prices rose slightly on Thursday as fears of a global recession mounted. Risk sentiment dominated equity markets after the 30-year US Treasury yield fell to less than 2 percent for the first time ever, signaling interest rates would remain low for longer.

The Dow drops 200 points ahead of the market as China pledges to respond to tariffs

US stocks extended losses in pre-market trading on Thursday with the Dow, losing 200 points after China vowed to retaliate if Washington imposes additional tariffs on Chinese imports. Beijing has accused the United States of violating the trade consensus reached between Presidents Donald Trump and Xi Jinping during the G20 summit in Osaka by planning to impose a 10 percent additional tariff on some Chinese products next month.

At their G20 summit, Trump reportedly agreed not to apply any new tariffs to Chinese imports. However, the United States later announced that it would target $ 300 billion of Chinese products with a 10% tariff. Earlier this week, Washington noted that it would delay the introduction of part of the tariffs until mid-December to avoid the potential impact of tariffs on US customers during the Christmas shopping season.

The yield curve in the US remains inverted for the second day in a row today, leading to an extensive journey to safety. The yield curve has reversed before every recession in the past half decade.
  • The Dow fell 0.79% or 201 points at 6:43 am ET.
  • The Nasdaq 100 fell 1.24% at 6:47 am EST.
  • The S&P fell 0.64% at the same time.

The euro rose 0.15% against the dollar to sell against 1.11549 at 6:48 pm Central European time.

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