Gold Prices Turn Higher After China Tariff Retaliation, Powell On Radar

23 Aug 2019

Gold Prices Turn Higher After China Tariff Retaliation, Powell On Radar

. Gold prices turned higher on Friday after China announced retaliatory tariffs oU.S., increasing demand for the safe-haven precious metal ahead of a widely anticipated speech from Federal Reserve President Jerome Powell.Spot gold gained $6.54, or 0.4%, to $1,504.66 a troy ounce by 9:24 AM ET (13:24 GMT), while gold futures for December delivery on the Comex division of the New York Mercantile Exchange, rose $5.85, or 0.4%, to $1,514.35.China’s Ministry of Commerce said it will impose additional tariffs on a total of $75 billion of U.S. goods in response to the latest ones planned by U.S. President Donald Trump on $300 billion of Chinese goods.China said that some of those countermeasures will start on Sept. 1 while others will take effect on Dec. 15, mirroring a recent delay announced by Trump.The news broke ahead of Powell’s speech scheduled for 10:00 AM ET (14:00 GMT).Markets will look to see if the Fed chief provides hints on whether the U.S. central bank will cut interest rates for a second time this year in an attempt to boost the world's largest economy.Elsewhere, World Gold Council analyst Adam Perlaky noted that investor demand for gold-backed ETFs continued at a rapid pace last week. Even in Asia, where holdings of gold ETFs had fallen nearly 20% at one stage earlier this year, assets under management are now up on Dec. 31, having risen 10% in August alone. In other metals trading, silver futures gained 0.5% to $17.128 a troy ounce by 9:32 AM ET (13:32 GMT).Palladium futures fell 1.7% to $1,459.95 an ounce, while sister metal platinum declined 0.6% to $857.15.In base metals, copper dropped 0.5% to $2.546 a pound.

Facebook Comments

You can comment on Gold Prices Turn Higher After China Tariff Retaliation, Powell On Radar using Facebook here

Disqus Comments

Join the discussion on Gold Prices Turn Higher After China Tariff Retaliation, Powell On Radar using Disqus