Gold Prices Head Higher as China-U.S. Tensions Spur Haven Buying

Thursday, 28 May 2020 20:25 WIB



Gold futures rose on Thursday as China-U.S. tensions remained in focus, driving haven buying on Wall Street.

Elevated animosities between Beijing and Washington over China's human rights policies, including its relationship with Hong Kong and the treatment of a Muslim minority, have underpinned buying in haven assets.

China on Thursday hardened its stance, forging ahead with a resolution to impose national-security laws on Hong Kong in a bid to suppress protests there.

That action comes after the U.S. House of Representatives on Wednesday passed a bill that would sanction Chinese officials involved in the suppression of Uighurs. The proposal follows the State Department's determination that Hong Kong no longer was semiautonomous from China, opening the way for President Donald Trump to take a range of steps including revoking special arrangements on trade.

August gold, which is now the most-active contract, climbed $12.20, or 0.7%, at $1,739 an ounce, after slipping less than 0.1% on Wednesday. July silver was up 8 cents, or 0.5%, at $17.83 an ounce, following a 0.9% gain in the previous session.

Source : Marketwatch


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