Gold jumps 2% amid fresh trade concerns

Tuesday, 02. July 2019 21:17

Gold prices rebounded on Tuesday, jumping over 2% as investors turned to the metal as a safe-haven asset amid fears of a trade war and an economic slowdown.

Trade concerns reemerged after the United States threatened to target $4 billion worth of European Union products with tariffs. Furthermore, US President Donald Trump insisted that, if his country were to reach a trade deal with China, it would have to be "somewhat tilted" to Washington's advantage. Meanwhile, credit rating agency Moody's warned the United Kingdom is "likely" to enter a recession if it leaves the EU without an agreement.

The yellow metal surged 2.14% to sell for $1,413.69 per ounce at 3:11 pm ET. Compared to the euro, gold rose 2.05% to go for €1,251.20 per ounce at the same time. Silver gained 0.79% to go for $15.27 per ounce at 3:13 pm ET and platinum climbed 0.93% to change hands for $1,561.64 per ounce at the same time. Platinum was the only precious metal to trade with losses, falling 0.41% to sell for $829.02 at 3:14 pm ET.

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Breaking the News / NP