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Trade War between China and USA resulted in Gold Price surge to 1550 USD/ounce

Trade war between China and USA resulted in gold price surge to 1550 USD/ounce. Crude oil prices had fallen down.

As USA and China imposing tariffs on each others country, investors started moving investments to Gold and this resulted in Gold price surge to 1550 USD/ounce from 1505 USD/ounce just within two trading sessions.

Central banks of few countries buying gold instead of foreign currency related to USA and China. So this causing gold price to rise.

Apart from that Powell who is chairperson of FED had not given much clarity on interest rate cuts. Ambiguity also lead to gold price to rise once friday meeting of Powell is completed.

Monday, August 26, 2019 - 09:14