Bengaluru — Gold prices rose on Tuesday, supported by safe-haven buying, as an escalating trade spat between the US and China sparked a sell-off in equity markets.Spot gold was up 0.45% at $1,283.62/oz by 3.36am GMT. US gold futures for August delivery were also 0.5% higher at $1,286.10/oz. The US dollar and Asian stocks extended a global downturn after President Donald Trump threatened to impose a 10% tariff on $200bn of Chinese goods in an escalating tit-for-tat trade war between the world’s two biggest economies.The dollar was down 0.3% against a basket of major currencies at 94.548, as well as hitting a one-week low versus the yen. Asian shares outside Japan slid 1% to their lowest level in more than four months."There is a bit of panic as investors are looking for cover, especially from equity market, and as we know gold does offer that hedge," said Stephen Innes, Asia-Pacific trading head at Oanda.Gold prices can gain during times of financial and political uncertainty as the ...
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