"Trump concessions" push gold down

"Trump concessions" push gold down



2019/8/14 12:19

Gold prices fell on Wednesday, after the United States postponed the imposition of customs duties on some Chinese imports, causing the easing of trade concerns, although political uncertainty and continued concerns about global growth curbed losses of the yellow metal, which is a haven Safe.

By 04:52 GMT, spot gold was down 0.3 percent at $ 1497.17 an ounce.

US gold futures fell 0.2 percent to $ 1,510.70 an ounce.

"The easing of trade tensions and geopolitical risks has provided the markets with some hope which has supported stocks, and because of this there is a brief decline in gold prices," said John Sharma, an economist at the National Bank of Australia.

"But the trade dispute remains unresolved. The geopolitical risks in Hong Kong, and global growth trends, as we expect at least another" rate cut "by the US Federal Reserve, are all supporting gold."

US President Donald Trump on Tuesday backed down from a September 1 deadline to impose a 10 percent tariff on the rest of China's imports, delaying tariffs on cell phones, laptops and other consumer goods, hoping to reduce the impact on US holiday sales. .

The postponement of the trade dispute between the world's two largest economies provided relief to financial markets, dominated by political and economic turmoil, as Asian stocks joined a rally in global stocks on Wednesday.

Meanwhile, official data showed that China's closely watched industrial output rose in July at the slowest pace in more than 17 years, the latest sign of cooling demand as the US intensifies trade pressure on Beijing.

The dollar index was little changed against a basket of major currencies today, after rising 0.4 percent overnight.

For other precious metals, silver fell 0.3 percent to $ 16.91 an ounce, after hitting its highest level, in more than a year and a half in the previous session.

Platinum fell 0.8 percent to $ 845.50 an ounce and palladium fell 0.5 percent to $ 1,447.74 an ounce.

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