Gold Sees a Slight Dip, Trade Tensions Still Dominate
Arslan Butt • 1 min read
On Tuesday, gold prices slipped lower over a strengthening in the US dollar, even though concerns of the trade war causing a global economic slowdown dominate in the market. At the time of writing, GOLD is trading at a little above $1,523 after the US dollar index touched the highest level in over two years.
The recent escalation of the US-China trade war seems to be making matters worse for global financial markets, with stock markets tumbling lower. Gold continues to remain supported over concerns of the next move in the trade war.
On Monday, the Chinese Commerce Ministry confirmed that it has lodged a complaint against US tariffs at the WTO. This latest move indicates that a trade deal keeps getting further and further away. This could keep gold’s safe haven appeal strong in the markets for some time to come.