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Gold rebounds from 1-year low after China proposes counter tariffs


Friday, 3 August 2018 20:37 WIB

GOLDEMAS Spot EmasEmas berjangka


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Gold prices fell to their lowest in over a year on Friday and were headed for a fourth straight weekly loss.

But the metal gained after China announced it would be ready to respond to escalating U.S. trade tensions with tariffs on $60 billion in U.S. goods, sending the dollar slightly lower.

Spot gold was up 0.69 at $1,215.88 an ounce, after earlier dropping to its lowest since March 15 last year at $1,204. For the week, it was down about 1.4 percent. U.S. gold futures for December delivery rose 0.34 percent to $1,224.20.

Gold remained under pressure as the greenback was supported by strong U.S. economic data and an outlook for higher interest rates.

The dollar earlier climbed to a two-week high against a basket of major currencies and scaled a 14-month peak versus the Chinese yuan.

Among other precious metals, silver rose 1.01 percent to $15.46 but was on track for an eighth straight weekly decline, its longest weekly losing streak since at least late 2000.

Source : CNBC


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