Gold rises as appetite for risk is hurt by trade tensions

File FT

UNITED STATES (VOP TODAY NEWS) — Gold prices rose on Wednesday as investors shrugged off risk from signs of a trade war, but the strong dollar curbed the metal’s rally.

By 0607 GMT, spot gold rose 0.2 percent to $ 1281.59 an ounce. In the previous session, the yellow metal dropped from a week high of $ 1287.32 hit on Monday but received support at about $ 1275.

Gold futures in the US futures contract rose 0.3 percent to $ 1280.80 an ounce.

The safe-haven assets are in demand as investors worry about prospects for the global economy after a People’s Daily report said Beijing was ready to use rare earth metals as a means of impact in its trade war with the United States.

Although US 10-year Treasury yields fell to their lowest level since September 2017, the dollar managed to maintain its hold as investors rushed into the US currency on fears of a worsening US-China trade war.

For other precious metals, palladium in spot transactions rose 0.7 percent to $ 1345.15 an ounce.

Silver gained 0.3 percent to $ 14.39 an ounce, after hitting its lowest level since Dec. 3 at $ 14.25 an ounce, while platinum rose 0.3 percent to $ 798.11 an ounce.

Online:

This article is written and prepared by our foreign editors writing for VOP from different countries around the world – edited and published by VOP staff in our newsroom.

Our Standards, Terms of Use: Standard Terms And Conditions.

Contact us: voiceofpeopletoday@gmail.com

VOP Today News — Breaking news source, real-time coverage of the world’s events, life, politics, business, finance, economy, markets, war and conflict zones.

Stay connected with VOP Today News on Twitter – VOP Today News on Facebook, also with our online services http://j.mp/2hDUK4x and never lost the breaking news stories happening around the world.

Support The VOP from as little as $1 – it only takes a minute. Thank you.

We are the Voice of People — the only funding and support we get from people – we are categorically not funded by any political party, any government somewhere or from any grouping that supports certain interests – the only support that makes VOP possible came from you.