International Gold Price Climbs on US-China Trade Worries
*MarketWatch, Kitco News*
The international gold price rose on Tuesday, as investors sought safe haven assets amid escalating trade tensions between the United States and China.
As of 8:45 AM ET, spot gold was up by 0.3% to $1,508.86 per troy ounce. Gold futures for February delivery were also higher, gaining 0.3% to $1,512.90 per ounce.
The price of gold has been on a steady upward trend in recent weeks, as concerns about the global economy have mounted. The trade war between the US and China, which has already led to tariffs on billions of dollars of goods, is a major source of uncertainty for investors.
“Gold is seen as a safe haven asset, and there seems to be a flight to safety at the moment,” said Kitco senior analyst Jim Wyckoff. “The US-China trade war is still a concern, and there are also worries about the global economy.”
Other factors that are supporting the gold price include rising inflation expectations and a weaker US dollar.
Inflation expectations have been rising in recent months, as the US Federal Reserve has signaled that it is likely to raise interest rates again this year. This has led to a decline in the value of the US dollar, as investors seek out higher-yielding assets.
A weaker US dollar is typically positive for gold, as it makes the metal more attractive to international investors.
“The US dollar is still under pressure, and that’s another factor that’s helping to support gold prices,” Wyckoff said.
In addition to the trade war and the US dollar, investors are also keeping an eye on the upcoming US midterm elections. The outcome of the elections could have a major impact on the global economy, and could also affect the price of gold.
“The US midterm elections are a wild card,” Wyckoff said. “If the Democrats win control of Congress, that could lead to more uncertainty and volatility in the markets, which would be positive for gold.”
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