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.


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