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Gold rose to highest level against euro amid outbreak of trade war

2019-09-03 10:20 am | Resource: News | No Views : 81

 Gold rose to highest level against euro amid outbreak of trade war

The price of gold in euros hit a new all-time high, trading above 1,400 euros on Tuesday as the US-China trade war intensified after Beijing announced its $ 75 billion revenge tariff on products from the United States that Washington had responded by announcing an increase in Customs duties on Chinese goods worth 550 billion dollars.

Prior to this week, the highest price of gold in euros was 1399.02 euros per ounce reached in October 2012. Investors remained cautious because the yield curve between the two-year US Treasuries and the reversal of the 10-year US Treasuries flipped several times in August and reached its lowest level since 2007 on August 27, leading to recession fears.

Tensions in the UK increased after Prime Minister Boris Johnson threatened to call an early general election, instead of accepting a possible parliamentary demand for another delay to leave the UK from the European Union.

The Dow drops nearly 200 points in pre-market opening

Wall Street stocks fell sharply in pre-market trading on Tuesday after the Labor Day holiday. Over the weekend, US tariffs on Chinese goods began, as well as retaliatory measures from the Chinese side. The prolonged trade war also saw Beijing file a complaint with the WTO, claiming that the latest tariffs violated the agreement of Presidents Donald Trump and Xi Jinping at the G20 summit in Osaka in June.
  • The Dow fell 178 points at 4:20 am ET
  • The S&P 500 fell 0.68%.
  • The Nasdaq 100 fell 0.79%. At the same time ,

The dollar index, which tracks the greenback's rise against a basket of currencies, rose to 99.20, up nearly 20 percent while the euro was down 0.23% against the dollar, buying 1.09454.

Precious metal trades
  • The precious metal gained 0.38% to EUR 1.399.41 an ounce after hitting an all-time high of EUR 1.401.13 an ounce.
  • The price of gold in euros reached a new all-time high, trading more than 1,400 euros at 10:05 am CET.

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