Gold Price Us China Trade War

Edgar su reuters gold prices edged up on friday on doubts that the highly anticipated meeting between the united states and china would ease trade tensions driving bullion to its best month in.

Gold price us china trade war. The catalyst for a spike in. If trump is prepared to see his threats through to their inevitable conclusion the gold price should jolt. Beijing unveiled a new round of retaliatory tariffs on about 75 billion worth of us goods beginning next month.

Gold prices rose on monday amid concerns the sino us trade war had started to take its toll on the us economy weakening the dollar and raising hopes of a us federal reserve interest rate cut. As you can see below for the first 7 months after the trump administration started to levy taxes against chinese imported goods in the united states the price of gold actually displayed a downward trend before reversing into an upward trend. According to a report by reuters the intimidation of this trade war between the two economies will increase the demand for gold as a safe haven asset given the fallen state of the global economy.

According to beijing based journalist and political analyst tom mcgregor its price will go higher unless a new us china trade deal is struck by donald trump and xi jinping at the g20 on 28 29 june. U s president donald trump thinks that the pandemic was a horrible mistake by china. Us gold futures also gained 0 2 per cent to 1 285 50 an ounce.

And the weaker the dollar the higher the gold price. On the daily chart gold xauusd prices look to retest the support level around 1680 for a final confirmation before rallying up to challenge the swing high at 1750. Us president donald trump on friday tweeted indicating trillions of dollars of loss in trade with china and asked us companies to look for other markets.

China us trade war china is not a country that is going to sit on its hand and let the trump administration to bully it. Gold futures on the comex jumped by 30 to trade on friday at 1 536 40 an oz. The us china trade war has given a boost to gold and the precious metal hit over 1 400 per ounce on 21 june for the first time in years.

The us china trade war is bullish for gold prices long term though the relationship between the bullish nature of gold and silver prices over the last 15 months and the us china trade war is at first not so readily apparent in the below chart. In the past four months the price of gold has gone up from 1582 to 2001. Fundamentals spot gold had edged uo 0 2 per cent to 1 286 89 per ounce as of 0129 gmt.