Gold futures remained solid on simmering U.S.-China tension

Gold slips

The price of gold was almost unmoved on Monday. Global investors are currently anticipating the progress of the escalating U.S.-China tension.

On Sunday, U.S. President Donald Trump forecasted that China might take down its barriers in trading as he expressed positivity despite the simmering trade tension between the two of the biggest economies in the world. Trump threatened to add as much as $100 billion tariffs on goods from China on Thursday. Meanwhile, Beijing said that it is prepared to respond with a counter strike.

Looking at the yellow metal’s price, U.S. gold futures were unmoved at $1,335.80 per ounce for its May delivery. Spot gold as well was steady at $1,332.46 per ounce after touching its weakest level in two weeks of $1,321.16 per ounce on its previous settlement before finishing higher by 0.5 percent.

However, the losses of the bullion were somehow limited due to the easing tension between North Korea and the U.S. This is because it is mostly used as a safe-haven investment in time of political or financial turmoils. The estranged nation told the U.S. for the very first time that it is ready to talk about denuclearization of the Korean Peninsula on Sunday.

In other precious metals, platinum edged up about 1 percent to finish at $921.20 an ounce. Palladium jumped by 0.5 percent at $905.25 per ounce after declining to $895.47 on its last settlement. Silver advanced by 0.3 percent at $16.39.


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