Gold prices rose on Monday as the dollar retreated against the yuan in reaction to US President Donald Trump saying he would delay an increase in tariffs on Chinese goods. Spot gold rose 0.3% to $1,331.43/oz at 3.48am GMT. US gold futures were up 0.1% at $1,333.50. The offshore yuan strengthened 0.2% to 6.685 yuan against the dollar, after hitting its highest level since mid-July, on the news that Trump will not raise tariffs on $200bn worth of Chinese imports to 25% from 10%. Trump said on Sunday he would delay an increase in tariffs on Chinese goods that had been scheduled for later this week, citing “substantial progress” in US-China trade talks at the weekend. “The dollar is weaker today after Trump’s extension of tariff deadline,” said Jeffrey Halley, senior market analyst at Oanda. “Gold, as it moves into the European and New York trading session, might come under pressure from the stock market,” Halley said, adding that there will not be any sustained downward pressure until ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now