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Wednesday, 12 May 2021

Gold prices edge down as trade war continues between US and China

Reuters , Monday 10 Sep 2018
Gold bars weighing between 50 grams and 1 kilo (Photo: Reuters)

Gold prices fell for a second consecutive session on Monday as trade tensions between China and the United States helped boost the dollar and devalue the yuan.

US President Donald Trump warned on Friday that he is prepared to impose tariffs on almost all imports from China to the United States, threatening to impose $267 billion tariffs on new commodities and $200 billion tariffs on already threatened goods.

Gold fell 0.1 percent to stand at $1193.93 per ounce, down towards a 19-month low of $1159.96 per ounce recorded last month.

Gold fell more than 12 percent from a high of $1365.23 per ounce in April, with the yuan falling 10 percent against the dollar since then.

Among other precious metals, silver increased 0.6 percent in instant transactions to reach $14.19 per ounce.

Platinum rose 0.9 percent to reach $785.70 per ounce, while palladium rose 0.3 percent to stand at $983.20 per ounce.

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