Gold edges up on concerns about US-China trade tensions
Bullion is up about 0.5% this week, palladium gains after a sharp drop on Thursday, and platinum is on track for a third week of declines
Bengaluru — Gold edged higher on Friday and was en route for a weekly gain, supported by trade concerns after the US hiked tariffs on Chinese goods in the middle of crucial trade talks between the two countries. Spot gold was up 0.1% at $1,285.03 an ounce at 10.01am GMT and is up about 0.5% so far this week. US gold futures were steady at $1,285.60 an ounce. “Tensions in the Middle East and also the trade disputes between the US and China are supporting gold at the moment,” said Afshin Nabavi, senior vice-president at MKS. “But the market continues to be range-bound at about $1,275 on the downside and about $1,292 on the upside. We have been having quite a bit of resistance around the $1,290 level,” he added. The US escalated a tariff war with China on Friday by hiking levies to 25% for $200bn worth of Chinese goods, and Beijing said it would strike back. The tariff hike came in the middle of two days of talks between top US and Chinese negotiators. Adding to global anxiety, US bomb...
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