Gold rises as appetite for risk is hurt by trade tensions
Gold prices rose on Wednesday as investors took risk from signs of a trade war, but the strong dollar curbed the metal's rally.
Gold rose 0.2% to $ 1281.59 an ounce. At the previous session, the yellow metal dropped from a week high of $ 1287.32 on Monday, but received support at around $ 1275.
Gold futures in the US futures contract rose 0.3% to $ 1280.80 an ounce.
The safe-haven assets are in demand as investors worry about prospects for the global economy after a People's Daily report said Beijing was ready to use rare earth metals as a means of impact in its trade war with the United States.
Despite 10-year US Treasury yields falling to their lowest level since September 2017, the dollar managed to maintain its hold as investors rushed into the US currency on fears of a worsening US-China trade war.
For other precious metals, palladium in spot transactions rose 0.7% to $ 1345.15 an ounce.
Silver gained 0.3% to $ 14.39 an ounce, after hitting its lowest level since December 3 at $ 14.25 an ounce, while platinum rose 0.3% to $ 798.11 an ounce.
Related topics
(t tags) Trade (t) Business War (t) Investors (t) Dollar (t) Amica (t) Economy News
Post a Comment