Gold nears one-month high after China and US shake hands
‘The appeal of the dollar as a safe haven is softening and that leads to a rising gold price,’ analyst Carsten Menke says
Bengaluru — Gold climbed to a near one-month high on Monday as the dollar weakened after the US and China agreed during the Group of 20 (G20) summit in Argentina to a temporary truce in their trade war. Spot gold rose 0.7 % to $1,230.81/oz at 10.15am GMT, having touched its highest level since November 7 at $1,232.22 earlier in the session. US gold futures gained 0.9% to $1,236.50/oz. "The appeal of US dollar as a safe haven is softening and that leads to a rising gold price," said Julius Baer analyst Carsten Menke. "This is very much as expected under the assumption that there was some sort of a positive development at the G20 meeting in terms of the trade tensions between the US and China." Washington and Beijing agreed to halt additional tariffs in a deal that keeps their trade war from escalating as the two sides try again to resolve their differences with new talks aimed at reaching an agreement within 90 days. This weighed on the dollar index, which measures the greenback agai...
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