18 C
New York
Wednesday, May 25, 2022

Gold Prices Edge Down Despite Escalating Trade Concerns

Gold Prices Edge Down Despite Escalating Trade ConcernsGold prices edged down on Tuesday

Investing.com – Gold prices edged down on Tuesday despite escalating trade concerns between the U.S. and other major economies.

for August delivery on the Comex division of the New York Mercantile Exchange slipped 0.33% to $1,264.70 a troy ounce by 1:15AM ET (05:15 GMT). 

The U.S. Treasury Department was said to be drafting curbs to stop companies with at least 25% Chinese ownership from buying U.S. tech firms. The news provided some support for gold prices earlier in the day and sent the U.S. stocks down on Monday.  

Chinese Vice Premier Liu He, who is also President Xi Jinping’s top economic adviser, said . Speaking at a press conference following talks on Monday in Beijing, Liu said China is prepared to face off against U.S.’s tariff threats.

“Unilateralism is on the rise and trade tensions have appeared in major economies,” Liu said. “China and the EU firmly oppose trade unilateralism and protectionism and think these actions may bring recession and turbulence to the global economy.”

Meanwhile, White House trade adviser . 

“Rising trade tensions should have (but did not) help gold’s cause all that much. Instead, it seems that the concern of rising interest rates, particularly in the U.S., continues to gnaw away at gold, as does the fact that the fund length is fleeing,” INTL FCStone analyst Edward Meir said in a note.

The  that measures the greenback against a basket of six major currencies dropped 0.07% to 93.88.   

In other precious metal trade, fell 0.14% to $16.305 a troy ounce, while fell 0.37% at $868.00 an ounce.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

- Advertisement -

Latest Articles

Popular Articles