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Gold Prices Mixed As Trade Worries Weigh

Wed, 12th Sep 2018 12:44

WASHINGTON (Alliance News) - Gold prices were trading mixed on Wednesday after hitting two-week lows in the previous session amid the intensifying US-China trade conflict.

Spot gold was up 0.1% at USD1,196.59 an ounce after hitting its lowest level since Aug. 24 at USD1,187.21 on Tuesday. US gold futures were marginally lower at USD1,201.90 an ounce.

Investors are bracing for a protracted trade war between the world's two biggest economies after US President Donald Trump said the US was taking a tough stance with China.

Separately, China said it would seek permission from the World Trade Organization to impose sanctions on the US next week for non-compliance related to a ruling regarding US dumping duties.

In addition, media reports suggest that China is putting off accepting license applications from American businesses hoping to operate in the country, as the Trump administration prepares to impose tariffs on all USD500 billion-plus imports from China.

The US dollar fell against rivals in the wake of reports that Canada was ready to make concessions on its protected dairy sector in order to reach a trade agreement by the Oct. 1 deadline.

Copyright RTT News/dpa-AFX

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