Gold prices jumped more than 2 percent on Thursday, after US President Donald Trump said he would impose additional tariffs on imports from China.
Trump said today that he will impose a 10 percent surcharge on imports from China worth $300 billion from September 1 as talks aimed at easing tensions between the world's two largest economies continue.
The spot price of gold rose 2.2 percent to $1,445.05 an ounce at the end of the U.S. market trading session.
U.S. gold futures rose 1.37 percent to $1,457.5 an ounce.
Earlier in the session, the precious metal fell to its lowest level since July 17 at $1,400.31 an ounce, hurt by a sharp rise in the dollar after the Us Central Bank discouraged expectations for further easing in monetary policy.
A Reuters survey showed that low interest rates and renewed purchases by investors and central banks are expected to help gold prices consolidate their recent gains and stay above $1,400 an ounce next year.
Markets are now awaiting the latest monthly data for non-farm jobs in the United States, which will be released Friday.
Among other precious metals, palladium in spot trading fell to a seven-week low of $1,410 an ounce earlier before closing down 6.10 percent at $1,424.00.
Platinum fell 1.28 percent to $848.50 an ounce, while silver rose 0.43 percent to $16.32 an ounce.
By Craig Melon August 1, 2019
0 Comments