Gold Trading at Highest Levels in Over Six Years - Forex News by FX Leaders

Gold Trading at Highest Levels in Over Six Years

Posted Monday, August 5, 2019 by
Arslan Butt • 1 min read

Gold prices ticked 1% upward to trade at their highest levels in over six years over fears of escalating trade tensions between the US and China. At the time of writing, GOLD is trading at a little above $1,458.

Ever since Trump announced his plans to impose 10% tariffs on $300 billion more of Chinese imports, there has been a resurgence in demand for safe haven assets. Not only has gone benefited from this move, but the Japanese yen has also climbed higher as a result.

On Friday, we heard the Chinese side say that they plan to take retaliatory action against the latest tariffs, which could drive further uncertainty in financial markets. There are also increased expectations that the Fed would be forced to cut interest rates again to offset any fallout of the trade war on the US economy. This is driving further bullish trend in gold.

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About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
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