Media ININ Economy We Trust
Media In \ Agencies 11-05-2019
NEW YORK (Reuters) – Gold prices rallied on Friday, bolstered by growing trade tensions after a tariff increase, ordered by US President Donald Trump on $ 200 billion worth of Chinese goods, putting the precious metal on track for a weekly gain.
Spot gold stood at $ 1284 an ounce, up about 0.4 percent a week. US gold futures also held steady at $ 1285 an ounce.
A US $ 200 billion increase in customs duties on Chinese goods to 25 percent went into effect on Sunday and Beijing said it would respond, exacerbating tensions as the two sides hold talks in a final bid to salvage a trade deal.
Senior US and Chinese trade negotiators wrapped up the first day of two-day talks on Thursday to salvage a trade deal on the brink of collapse as Washington went ahead with plans to raise tariffs on goods imported from China worth hundreds of billions of dollars.
Gold has fallen to its lowest level since late December late last week, but has risen nearly 1.4 percent since then.
But gold has seen some weakness despite overall risk aversion in the market, while other assets such as the yen and the Swiss franc have rallied.
For other precious metals, palladium rose 1 percent to $ 1,307 an ounce, after falling more than 4 percent in the previous session to its lowest level since Jan. 4 to $ 1263.85. The metal is still bearish for a second straight week.
Silver rose 0.2 percent to $ 14.78 an ounce, while palladium rose 1.6 percent to $ 858.
Silver is heading for a second weekly decline, while platinum appears to be heading for a third straight decline.
