Gold futures are extending their gains on Tuesday as the US-China trade conflict intensifies, though financial markets recovered from the beating they took on Monday. Investors are pouring into the safe-haven asset, unsure what will happen next between the world’s two largest economies. With Washington officially labeling Beijing as a currency manipulator, traders are concerned about not only a trade war, but also a currency battle, too. October gold futures rose .00, or 0.41%, to ,482.70 per ounce at 19:16 GMT on Tuesday on the Comex division of the New York Mercantile Exchange. The yellow metal will record its third consecutive session gain as it touches its best level in six years. So far in 2019, gold prices are up nearly 16%. Silver, the sister commodity to gold, is also adding
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Gold futures are extending their gains on Tuesday as the
October gold futures rose $6.00, or 0.41%, to $1,482.70 per ounce at 19:16 GMT on Tuesday on the Comex division of the New York Mercantile Exchange. The yellow metal will record its third consecutive session gain as it touches its best level in six years. So far in 2019, gold prices are up nearly 16%.
Silver, the sister commodity to gold, is also adding to its modest gains this week. September silver futures tacked on $0.04, or 0.25%, to $16.435 per ounce. Because silver is also an industrial metal, prices have been affected by the economic tensions, though it is still up 6% on the year.
It has been an interesting several days for the metals market as there have been multiple developments that have been bullish for gold.
President Donald Trump slapped new 10% tariffs on $300 billion in Chinese goods. China was officially labeled a currency manipulator. Beijing has promised “necessary countermeasures.” Global financial markets have plummeted, the yuan crashed below the crucial seven mark against the greenback, and President Trump still wants his trade representatives to negotiate with their counterparts.
Other trends have spurred gold buying, including debt yields plunging to either
While some analysts say this is only a
The rest of the metals market is mixed. September copper futures jumped $0.02, or 0.79%, to $2.56 per pound. September platinum futures tumbled $4.60, or 0.54%, to $853.30 per ounce. September palladium futures soared $19.70, or 1.39%, to $1,436.00 an ounce.
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