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Gold contracts traded rise as US-China trade war rises

2019-10-08 11:40 am | Resource: News | No Views : 13

Gold prices rise as US-China trade war rises

 Gold contracts traded above $ 1,500, with trade tensions on the horizon as China strongly opposed the US decision to blacklist Chinese technology companies for alleged human rights violations.

The Dow is losing more than 200 points before marketing due to trade concerns

Wall Street shares extended losses on Tuesday as sentiment worsened on the expected resumption of high-level US-China trade talks. Yesterday, Washington blacklisted many Chinese companies, while Beijing vowed to respond. According to a report released earlier today, "there is not much optimism" on the Chinese side as the talks approach, and the visit to the US capital can be shortened one day. Bloomberg also reported that the US administration is looking to reduce US government pension funds from investing in China.

Trump calls on Xi to find a "humane" solution in Hong Kong

US President Donald Trump said on Monday that Chinese President Xi Jinping needed to find a "humane solution" to the pro-democracy protests in Hong Kong that began months ago in response to the abolished China extradition bill. Demonstrators in the Chinese autonomous province can often be seen with "Trump signs," alluding to his 2016 presidential campaign slogan, "Make America Great Again," such as "Make China Great Again" and "Make Hong Kong Great Again," the US president added. "
  • The Dow Jones Industrial Average fell 178 points in the red at 7:11 am ET, having briefly been more than 200 points below the flat line.
  • The Nasdaq 100 fell 0.63% one minute later, and the S&P 500 fell 0.64%.

The dollar index, which tracks the performance of the greenback versus a basket of six currencies, fell marginally 0.1% to 98.8 points. The euro was up 0.19% against the dollar, trading at $ 1.09914 at 7:12 am ET.

Gold Trading
  • Gold futures settled at $ 1503.3 an ounce, at 11:34 am CET.
  • Spot delivery rose 0.4% to $ 1499.04 an ounce at about the same time.


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