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Gold Prices Turn Higher After China Tariff Retaliation, Powell On Radar

CommoditiesAug 23, 2019 09:47AM ET
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Investing.com - Gold prices turned higher on Friday after China announced retaliatory tariffs oU.S., increasing demand for the safe-haven precious metal ahead of a widely anticipated speech from Federal Reserve President Jerome Powell.

Spot gold gained $6.54, or 0.4%, to $1,504.66 a troy ounce by 9:24 AM ET (13:24 GMT), while gold futures for December delivery on the Comex division of the New York Mercantile Exchange, rose $5.85, or 0.4%, to $1,514.35.

China’s Ministry of Commerce said it will impose additional tariffs on a total of $75 billion of U.S. goods in response to the latest ones planned by U.S. President Donald Trump on $300 billion of Chinese goods.

China said that some of those countermeasures will start on Sept. 1 while others will take effect on Dec. 15, mirroring a recent delay announced by Trump.

The news broke ahead of Powell’s speech scheduled for 10:00 AM ET (14:00 GMT).

Markets will look to see if the Fed chief provides hints on whether the U.S. central bank will cut interest rates for a second time this year in an attempt to boost the world's largest economy.

Elsewhere, World Gold Council analyst Adam Perlaky noted that investor demand for gold-backed ETFs continued at a rapid pace last week. Even in Asia, where holdings of gold ETFs had fallen nearly 20% at one stage earlier this year, assets under management are now up on Dec. 31, having risen 10% in August alone.

In other metals trading, silver futures gained 0.5% to $17.128 a troy ounce by 9:32 AM ET (13:32 GMT).

Palladium futures fell 1.7% to $1,459.95 an ounce, while sister metal platinum declined 0.6% to $857.15.

In base metals, copper dropped 0.5% to $2.546 a pound.

Gold Prices Turn Higher After China Tariff Retaliation, Powell On Radar
 

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Tumelo Mash
Tumelo Mash Aug 23, 2019 3:05PM ET
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No offense but buying gold at $1500 was a sweet spot... Safe haven is what is gonna rock the markets next week
Kevin Avila
Kevin Avila Aug 23, 2019 9:45AM ET
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I hope we cut trade with China all together. Give the other asian countries around it an economic boom.
Bill Chan
Bill Chan Aug 23, 2019 9:45AM ET
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The fact is many countries not support US. since US keep hurt their ally. France the first one to fight US
 
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