Gold was back on track to being a hedge to the trade war on Monday after talk of Beijing’s anxiety over President Donald Trump’s impeachment proceedings pricked the prospective U.S.-China trade bubble.

Both bullion and futures of gold recovered from their Friday dip to attempt a return to the $1,480 mark and the bigger $1,500 target as a risk-off mode prevailed across markets. Wall Street indices, however, set new highs after the Trump administration granted a 90-day extension for U.S. companies to continue doing business with Chinese tech giant Huawei.

Gold futures for December delivery on New York’s COMEX settled up $3.40, or 0.2%, at $1,471.90 an ounce.

Spot gold, which tracks live trades in bullion, was up $4.16, or 0.3%, at $1,471.28 by 2:45 PM ET.

Source : Investing.com