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Metals Demonstrate Mixed Performance as US-China Trade War Escalates

Summary:
The trade war between the United States and China continued to escalate, and metals reacted differently to that. Unsurprisingly, copper declined, while gold managed to eke out gains. Previously, the two world’s biggest economies implemented tit-for-tat tariffs on each other’s imports. Later, China signaled that it is not interested in talking with the USA, believing that Americans do not genuinely want a compromise. Now, there is a new development in the trade war. Google announced that it revokes Android licenses for Chines tech giant Huawei. While existing Android phones created by the Chinese firm will retain their functionality, it will be extremely hard for Huawei to sell new devices without such services as Google Play. Contract for delivery of gold in June gained 0.14% to ,277.5

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The trade war between the United States and China continued to escalate, and metals reacted differently to that. Unsurprisingly, copper declined, while gold managed to eke out gains. Previously, the two world’s biggest economies implemented tit-for-tat tariffs on each other’s imports. Later, China signaled that it is not interested in talking with the USA, believing that Americans do not genuinely want a compromise.

Now, there is a new development in the trade war. Google announced that it revokes Android licenses for Chines tech giant Huawei. While existing Android phones created by the Chinese firm will retain their functionality, it will be extremely hard for Huawei to sell new devices without such services as Google Play.

Contract for delivery of gold in June gained 0.14% to $1,277.5 per troy ounce as of 21:48 GMT on COMEX today. July silver advanced 0.4% to trade at $14.45 per ounce. Spot price for platinum was little changed at $814.78 per ounce, while palladium lost 0.24% of its value to $1,330.2 per ounce. Copper for delivery in July declined 0.46% to $2.726 per pound.


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Vladimir Vyun
Vladimir is an online journalist with background in computer science and work experience in pension funds. He contributes news reports, fundamental analysis and sentiment forecasts to TopForexNews.com and CommodityBlog.com. His main specialization is the currencies of emerging economies and inter-market correlations with commodity and bond trading.

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