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Rising fears of a renewed trade war between the United States and China pushed gold prices higher during Monday’s trade.
And gold rose in spot transactions 0.45 percent to $ 1706.70 an ounce (ounce) in the last trading session in the US market, while US contracts rose gold 0.7 percent to reach the settlement of $ 1,713.30 an ounce.
Global stock markets have fallen due to concerns that mutual accusations between Washington and Beijing about the origin of the virus may trigger a new trade war between the two countries.
On Sunday, United States Secretary of State Mike Pompeo said there was “a great deal of evidence” that the virus originated in a Chinese laboratory, but did not question the conclusion of the United States intelligence services. that it was not artificial.
His comments came after Trump said on Friday that imposing tariffs on China was “definitely an option” as he searched for ways to respond to the spread of the virus.
“There is a fear that a trade war will break out and such developments would be good for gold,” said Avatar Avatar Sandor, director of raw materials for Philip Futures.
The yellow metal has recorded a 12 percent increase since the beginning of the year, while being supported by broad stimulus measures launched by central banks around the world to reduce economic damage caused by the Corona pandemic.
Among other precious metals, palladium fell 2.4 percent to $ 1,853.30 an ounce after reaching the lowest level in more than a month in more than a month to $ 1,824.28.
Analysts say the state of the automotive sector, which generally accounts for more than 80 percent of global palladium demand, remains demoralizing.
Auto sales fell worldwide due to measures to contain the coronavirus outbreak.
And platinum rose 0.4 percent to $ 763.12 an ounce, while silver fell 1.08 percent to $ 14.77 an ounce.
Washington – Reuters
On: Tuesday – May 05, 2020
Rising fears of a renewed trade war between the United States and China pushed gold prices higher during Monday’s trade.
And gold rose in spot transactions 0.45 percent to $ 1706.70 an ounce (ounce) in the last trading session in the US market, while US contracts rose gold 0.7 percent to reach the settlement of $ 1,713.30 an ounce.
Global stock markets have fallen due to concerns that mutual accusations between Washington and Beijing about the origin of the virus may trigger a new trade war between the two countries.
On Sunday, United States Secretary of State Mike Pompeo said there was “a great deal of evidence” that the virus originated in a Chinese laboratory, but did not question the conclusion of the United States intelligence services. that it was not artificial.
His comments came after Trump said on Friday that imposing tariffs on China was “definitely an option” as he searched for ways to respond to the spread of the virus.
“There is a fear that a trade war will break out and such developments would be good for gold,” said Avatar Avatar Sandor, director of raw materials for Philip Futures.
The yellow metal has recorded a 12 percent increase since the beginning of the year, while being supported by broad stimulus measures launched by central banks around the world to reduce economic damage caused by the Corona pandemic.
Among other precious metals, palladium fell 2.4 percent to $ 1,853.30 an ounce after reaching the lowest level in more than a month in more than a month to $ 1,824.28.
Analysts say the state of the automotive sector, which generally accounts for more than 80 percent of global palladium demand, remains demoralizing.
Auto sales fell worldwide due to measures to contain the coronavirus outbreak.
And platinum rose 0.4 percent to $ 763.12 an ounce, while silver fell 1.08 percent to $ 14.77 an ounce.
Washington – Reuters
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