15.3 C
New York
Wednesday, May 25, 2022

Gold Prices Inch Up as Trade War Fears Spark Safe-Haven Demand

Gold Prices Inch Up as Trade War Fears Spark Safe-Haven Demand© Reuters. Gold prices inched up on Tuesday

Investing.com – Gold prices inched up on Tuesday as mounting fears over the between the U.S. and China stoked demand for the precious metal.

for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.1% at $1,229.3 a troy ounce by 12:30 AM ET (04:30 GMT).

Citing unnamed sources, Bloomberg reported on Monday that the United States is considering imposing tariffs on all remaining Chinese imports by early December if talks next month between presidents Donald Trump and Chinese leader Xi Jinping do not go well.

The new round of tariffs targets the rest of the imports from China, about $257 billion worth, according to Bloomberg.

The U.S. stock market closed lower following the report, with the fell more than 200 points, erasing a 350-point gain earlier in the session; the fell 0.6%.

Meanwhile, the that tracks the greenback against a basket of other currencies was up 0.3% to 96.44. The greenback, widely considered as a safe-haven asset these days, was supported by safe-haven demand amid rising trade tensions between China and the U.S.

Asian equities were little impacted by the trade news, with Japan’s up almost 2% while China’s , South Korea’s and Australia’s all gained around 1%.

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

11,302FansLike
12,893FollowersFollow
751FollowersFollow
- Advertisement -

Latest Articles

Popular Articles