Gold prices rose on Friday in Asia amid news of unexpected tariffs on Mexican goods, while persisting Sino-U.S. trade tensions continued to attract safe-haven demand.
Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were up 0.4% at $1,292.7 per ounce by 1:15 AM ET (05:15 GMT).
Overnight, U.S. President Donald Trump said that Washington would impose a 5% tariff on Mexican goods. The tariff would become effective June 10, until that country stops immigrants from entering the U.S. illegally.
Persisting Sino-U.S. trade tensions were also cited as a catalyst for the buying in safe-haven gold. Former governor of the People's Bank of China Dai Xianglong said on Friday that he expected no major trade breakthrough when Chinese President Xi Jinping meets with his U.S. counterpart Donald Trump next month at the G-20 meeting.
Source : Investing.com