Gold prices peaked to yet another six-year high on Monday, taking a stride toward $1,600 an ounce as a fresh escalation in the US-China trade war impacted global equities, boosting demand for the traditional safe-haven assets. Spot gold jumped 1% to $1,541.30 per ounce as of 06:19 GMT, having earlier touched $1,554.56 an ounce, its highest since April 2013. Equity markets nosedived in response, with US stocks plunging on Friday, and Asian ones following on Monday. As gold’s rally gathers pace, investors have been pushing into bullion-backed exchange-traded funds, which have hit the highest since 2013, with data compiled for Bloomberg suggesting holdings are set for a third monthly climb. Gold is projected to continue to soar, as investors seek havens from trade tensions and further Fed easing, claim market analysts. Traders were reportedly tracking the G7 summit in France, where Trump indicated he may have had second thoughts on the tariffs. Fresh Spiral in US-China Trade Standoff Earlier, in a fresh spiral of the raging tit-for-tat trade war between Washington and Beijing, on 23 August US President Donald Trump announced a hike on existing tariffs on $250 billion worth of Chinese goods from 25 percent to 30 percent on… Read full this story
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