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Gold Drops Second Day as Trade War, Rate Hike in Focus


Monday, 24 September 2018 08:36 WIB

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Gold declines for second day with trade war in focus as U.S. and China hours away from new round of tariffs on each other's goods, and as investors count down to Federal Reserve's policy-setting meeting this week.

Bullion for immediate delivery lost 0.3% to $1,196.81/oz by 9:15am in Singapore; fell 0.6% Friday. Bloomberg Dollar Spot Index added 0.1% after rose 0.2% Friday.

$200 billion of Chinese products will be subject to tariffs from 12 p.m. Beijing time, on top of the $50 billion in goods already hit with tariffs actions in the year. China has vowed to respond.

Fed set to raise interest rates for third time this year at this week’s meeting.

In other precious metals, silver weakened 0.4% to $14.2470/oz. Platinum lost 0.5% to $824.30/oz while palladium fell 0.7% to $1,045.07/oz.

Source: Bloomberg


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