According to Angel Commodities, on Monday, Spot Gold prices rose by 1.6 percent to close at $1463.6 per ounce. The escalating tension between U.S. & China pushed the investors to take shelter under the safe haven asset; Gold.
Angel Commodities’ report on Gold
On Monday, Spot Gold prices rose by 1.6 percent to close at $1463.6 per ounce. The escalating tension between U.S. & China pushed the investors to take shelter under the safe haven asset; Gold. Last week, President Trump decided to impose 10 percent tariffs on another $300 billion worth of Chinese imports ending the month long trade truce between the super power nations. Following President Trumps decision China let its yuan weaken to over a decade low. Washington stated that Beijing was trying to manipulate their currency which further escalated the tension between the U.S. and China and in turn boosted the appeal for safe haven asset.
Outlook
Escalating tension between U.S. & China might increase the demand for the safe haven asset, Gold. On the MCX, gold prices are expected to trade higher today; international markets are trading higher by 0.55 percent at $1478.45 per ounce.
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