DJIA21636.78
LIVE-915.39(-4.06%)
NDX7588.37
LIVE-308.76(-3.91%)

Gold at 6-Year Highs on China Devaluation, Growing Trade War


Tuesday, 6 August 2019 03:36 WIB

GOLDEMAS


c_740_198_16777215_00_images_assets_GOLD_00content_1343972471.jpg

Gold bugs had counted on the recent U.S. interest rate cut, but it’s China’s currency devaluation that’s providing a windfall now to longs in the yellow metal.

Both bullion and futures of gold hit six-year highs on Monday as the tit-for-tat action between China and the U.S. in their growing trade war led to spiraling safe-haven demand.

Spot gold, reflective of trades in bullion, traded at $1,465.24 per ounce by 2:18 PM ET (18:18 GMT), up $24.25, or 1.7%, as China allowed the yuan to tumble to its weakest level in a decade against the dollar to retaliate against the U.S. president’s plan to impose new tariffs.

Beijing added to the blow of the devaluation by ordering state-owned companies to suspend imports of U.S. agricultural products.

Spot gold earlier rose to $1,469.74, its highest level since May 2013.

Gold futures for December delivery, traded on the Comex division of the New York Mercantile Exchange, settled up $19, or 1.3%, at $1,476.50. It surged to $1,481.75 earlier, a peak not seen since Sept 2013.

Source : Investing.com


RELATED NEWS

  • Gold futures settled with a loss on Friday but still scored the biggest weekly rise in more than 11 years in a rebound fueled in part by a weaker U.S. dollar and concerns about disruptions in the phys...

POPULAR NEWS

DISCLAIMER

Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.