Gold Lost $1.260/oz as US Dollar Strengthened on Trade War Fears

Tuesday, 26/06/2018 | 13:35 GMT

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Gold lost the $1.260/oz strong support level, with intra-day low of $1.254/oz amid US Dollar strength on trade war fears between USA and China.

US President Trump is using the Tariffs as a negotiating tool to improve the existing Trade deals with the major US allies, especially against the China where the Trade deficit between the two countries is $300 billion in favour to Chinese site.

Mr Trump threatened $50 billion in tariffs on Chinese imports to begin on July 6, which could be raised to $200 billion tariffs in case China retaliate tariffs on US goods as well.

Gold failed to attract investors who are looking for “safe haven” trades amid the Trade War fears as they prefer to buy US dollar and US bonds which bear interest rates instead of Gold which doesn’t give any yield to the holders.

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Source: https://www.exclusivecapital.com/gold-lost-1-260-oz-as-us-dollar-strengthened-on-trade-war-fears/

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