Gold inches higher on bargain-hunting
Bullion gains ground as traders pounce on the metal in the wake of a dip in prices in the previous session
Bengaluru — Gold inched up on Monday as bargain-hunters bought the metal after prices dipped in the previous session, amid reports that the US is set to impose a new round of tariffs on Chinese imports. Spot gold was up 0.2% at $1,195.27/oz as of 3.54am GMT, after falling 0.6% on Friday when it marked its third consecutive weekly decline. US gold futures were down 0.1% at $1,199.80. US President Donald Trump is likely to announce new tariffs on about $200bn on Chinese imports as early as Monday, a senior administration official told Reuters. "The price action shows that the influence of the news coming out on tariffs is waning a little bit," said Ji Ming, chief analyst at Shandong Gold Group. "We even see gold rising rapidly towards $1,230-$1,240 levels once the impact of the trade war is clearer.… It looks like a relatively good opportunity to buy gold at the current levels." Gold prices have declined about 12.6% from April amid intensifying global trade tensions and under pressure...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.