Friday, 21 September, 2018

Gold slips as fears ease over US-China trade conflict

Gold edges lower Gold steady as China-US trade tensions escalate
Orlando Vargas | 06 April, 2018, 17:56

Gold prices are now falling once again.

The gold price could hit US$1,400 per ounce, reaching its highest level in five years, if a trade war breaks out, Sprott US Holdings CEO Rick Rule told Bloomberg.

Spot gold rose 0.2 percent to $1,334.64 per ounce as of 0700 GMT, after falling 0.6 percent in the previous session.

"Gold. gave up its gains after (U.S. President Donald Trump's economic adviser) Larry Kudlow calmed fears that the trade rhetoric will escalate", said Jordan Eliseo, chief economist at gold trader ABC Bullion.

However, gold stayed firm at Rs 31,610 per 10 gram in scattered deals despite firm trend overseas. "As well as a slightly positive tone in the stock markets, the dollar has rebounded against both the euro and the yen", said Forex.com market analyst Fawad Razaqzada. "Should the greenback regain its poise then gold could come under further pressure". While US Treasury yields are now falling (10-year Treasuries are trading at 2.819%), this is having a limited impact on gold prices.

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However, Trump late on Thursday said he had instructed United States trade officials to consider $100 billion in additional tariffs on China, fuelling an already heated trade dispute between the world's two biggest economies.

Gold is often used as a safe place to park assets during times of financial or political uncertainty.

"We assign a 30 per cent probability that gold prices can scale US$1,400 an ounce this year".

"There are the usual precautionary position adjustments in the game ahead of the NFP (non-farm payroll) as a substantial employment number, and wage growth would see the market quickly price in a more aggressive Fed policy (four rate hikes) and push gold prices lower", said Stephen Innes, head of trading in Asia-Pacific for OANDA in Singapore.

Meanwhile, spot silver inched down 0.2 percent to $16.24 per ounce. Platinum slipped 0.6% to $904.50 an ounce, and was on track for a second straight week of losses, down over 2%.

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