Gold Back to Being Bullish as Trump Signs Hong Kong Bill Into Law, Safe Haven Appeal Heightened - Forex News by FX Leaders
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Gold Back to Being Bullish as Trump Signs Hong Kong Bill Into Law, Safe Haven Appeal Heightened

Posted Thursday, November 28, 2019 by
Arslan Butt • 1 min read

Early on Thursday, gold is making gains after its safe haven appeal was boosted upon Trump signing the recent legislations supporting Hong Kong protesters into law. At the time of writing, GOLD is trading at a little above $1,455.

On Wednesday, US President Donald Trump signed into law legislation passed by the US Senate supporting human rights for anti-government protesters in Hong Kong. This is likely to increase tensions between the US and China and could possibly even derail progress in trade negotiations.

China’s government had previously termed the bill as “full of prejudice and arrogance”. Under this law, the US can impose sanctions on Chinese and Hong Kong officials it finds responsible for violating the human rights of the protesters.

Gold prices remained slightly under pressure before this on the release of positive economic data from the US which strengthened the US dollar. US GDP improved in Q3 2019 while core durable goods orders rose at the fastest pace seen in nine months during October.

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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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