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Gold Flirts With $1,500 Again on New Trade War Worries


Tuesday, 15 October 2019 03:33 WIB

GOLDEMAS


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What’s bad for trade is good for gold. The yellow metal found favor again with haven investors on Monday, flirting with the key bullish level of $1,500 per ounce, on news of fresh troubles in U.S.-China trade negotiations.

Gold rebounded after a Bloomberg report that China had more demands from the Trump Administration over tariffs and wanted more talks to reach a trade deal. The Chinese stance appeared to contradict the U.S. president’s contention on Friday that the two sides were closer to an agreement.

U.S. gold futures for December delivery settled up $8.90, or 0.6%, at $1,497.60 per ounce, after scaling $1,500 in intraday trade to reach a session high of $1,501.35.

Spot gold was up $3.16, or 0.2%, at $1,491.90 by 3:12 PM ET (19:12 GMT) after reaching as high as $1,497.12 in intraday trade.

Source : Investing.com


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