Gold is buoyed by the deteriorating US-China trade picture
Donald Trump's plans to apply more tariffs on Chinese goods undermine market sentiment
London — Gold prices rose on Friday due to a lower dollar and jitters about an escalation in the US-China trade dispute after fresh threats by US President Donald Trump, although bullion is still heading for its fifth straight monthly decline. Spot gold was up 0.6% at $1,206.19 an ounce at 9.26am GMT, a gain of 4% from the 19-month low of $1,159.96 hit on August 16. US gold futures were up 0.7% at $1,212.80 an ounce. Gold prices are down 1.3% so far in August. Losses total more than 7% so far this year. Trump is prepared to ramp up a trade war with China and has told aides he is ready to impose tariffs on $200bn more in Chinese imports as soon as a public comment period on the plan ends next week, Bloomberg reported on Thursday. "Trump’s plans have had a significant impact on sentiment and the slightly weaker dollar is supporting gold," said Peter Fertig, analyst at Quantitative Commodity Research, adding that the emerging-market currency crisis was also helping gold. A lower US cur...
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