Gold prices stay calm amid US-China trade war worries
Given the uncertainty in the world, gold will go much higher before 2018 is out, Commerzbank analyst Daniel Briesemann says
London — Gold was steady on Wednesday, failing to break from a narrow trading range as investors remained concerned about a simmering trade war between the United States and China. Spot gold was off just 0.07% at $1,196.70 an ounce at 10.02am GMT, after hitting its lowest since August 24 at $1,187.21 on Tuesday. US gold futures were steady at $1,202.20 an ounce. The trade conflict between Washington and Beijing has prompted investors to buy the US dollar in the belief that the US has less to lose from the dispute. "It looks like gold will remain in a sideways trend until something forces it either way," Commerzbank analyst Daniel Briesemann said, adding that given the uncertainty in the world "gold will go much higher before the year is out". Gold has been stuck in a $20 price range over the past two weeks, with investors looking for technical breakouts for clues on further movements. Gold has lost out to the dollar in a battle for safe-haven flows. A firmer dollar makes gold more e...
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