Investing.com – Gold prices gained on Friday after reports that the U.S. is planning to slap another $100 billion tariffs on China.
for June delivery on the Comex division of the New York Mercantile Exchange gained $2.90, or 0.20%, to $1,331.2 a troy ounce by 1:15AM ET (05:15 GMT).
Trump ordered trade representative Robert Lighthizer to consider additional tariffs on $100 billion of Chinese imports, escalating the trade conflicts between the world’s two largest economies.
In response, China’s state media said Friday that Beijing will defend its interests “against new U.S. actions.” On Wednesday, the country also said it would levy a 25% tariff on about $50 billion of U.S. imports including soybeans, automobiles chemicals and aircraft.
The that tracks the greenback against a basket of six major currencies last stood at 90.03, down 0.10%, testing the 90 level.
Dollar-denominated assets such as gold are sensitive to moves in the dollar – a fall in the dollar makes gold cheaper for holders of foreign currency and thus increases demand for the precious metal.
Investors also await the nonfarm payrolls data due later in the day.
In other precious metal trade, fell 0.2% to $16.320 a troy ounce, and slipped 0.3% to $913.20 an ounce.
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Source: Investing.com
