Gold’s Rise Continues While Markets Worry About the Trade War
Gold continues to become dearer over worries that the US-China trade war could escalate further. At the time of writing, the precious metal GOLD is trading at a little above $1,486.
Leading investment banks have already cautioned against the trade war being drawn out for a long time and possibly even pushing the world into a recession by 2020. According to Goldman Sachs, a trade deal between US and China could be delayed until after next year’s Presidential elections.
The Federal Reserve, meanwhile, has stated that it will take a wait and watch approach to see how the latest developments impact economic data coming out of the US before deciding on whether to cut rates again.
White House Chief Economic Adviser Larry Kudlow stated on Tuesday that the next round of in-person meetings between the trade teams of the two countries is still on schedule for September, as far as the US government is concerned. Trump maintains his interest in hosting the Chinese trade delegation to continue with negotiations.
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