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Gold Hits 1-Week High On Monday

Author:
Eray Bekir
Market News

Gold prices touched a more than one-week high on Monday as fears of a protracted U.S.-China trade war hurt risk sentiment, while poor economic data from the United States bolstered bets of a U.S. Federal Reserve rate cut.

Spot gold edged 0.1% higher to $1,286.21 per ounce as of 0714 GMT.

Earlier in the session, the metal touched $1,287.32, its highest since May 17.

“Gold has really reversed earlier losses as risk appetite in the market remains rather shaky,” said Benjamin Lu, an analyst with Singapore-based Phillip Futures.

“U.S. sanctions on Huawei and even the rest of the Chinese technology firms have really aggravated trade tensions.”

China on Friday denounced U.S. Secretary of State Mike Pompeo for fabricating rumours after he said the chief executive of China’s Huawei Technologies Co Ltd was lying about his company’s ties to the Beijing government.

A string of weak data from the United States late last week stirred up concerns that its protracted trade-war with China has started taking a toll on the country’s economy, and promoted bets for a much expected rate cut by the Federal Reserve.

 

 

International Financial Markets Department

Euro-Finance Ltd.

forex@eurofinance.bg

www.eurofinance.bg 

*This material should not be considered as a recommendation for buying/selling securities.