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Friday, January 21, 2022

Gold Falls Amid Trade War Worries

Gold Falls Amid Trade War Worries© Reuters. Gold was slightly lower on Tuesday.

Investing.com – Gold prices were modestly lower on Tuesday, pressured lower by a rising U.S. dollar while trade tensions lingered.

Comex for August delivery were down 0.23% to $1,277.20 a troy ounce as of 10:08 AM ET (14:08 GMT).

Trade tensions between China and the U.S. continued, as the two largest economies in the world faced a tit-for-tat over global trade tariffs.

In the latest spat, U.S. President Donald Trump threatened to impose tariffs on another $200 billion of Chinese goods “if China refuses to change its practices, and also if it insists on going forward with the new tariffs that it has recently announced,” the president said.

On Friday Trump announced a 25% tariff on $50 billion Chinese goods, with China promptly retaliating with a 25% tariff on U.S. goods, including soybeans and automobiles, worth $34 billion.

Investors often turn to gold in times of political uncertainty, as the precious metal is often considered a safe haven from the impact of geopolitics.

Gold was also held back by a rise in the greenback.Gold is denominated in the U.S. currency and is sensitive to moves in the dollar. Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls.

The , which measures the greenback’s strength against a basket of six major currencies, was at 94.75, rising 0.36%.

Elsewhere on the Comex, were down 0.76% to $16.315 a troy ounce. Among other precious metals, fell 1.33% to $872.10 while decreased 0.65% to $976.50 an ounce. futures lost 1.56% to $3.058 a pound.

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Source: Investing.com

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