Gold Price Rises As Trade Tensions Escalate

London (Aug 31)  Spot gold was up 0.71% at USD1,206.18 an ounce while US gold futures were up 0.60% at USD1,212.20 an ounce.

US President Donald Trump threatened in an interview with Bloomberg News on Thursday that the US intends to move ahead with plans to impose tariffs on USD200 billion in Chinese imports as early as next week.

Trump also threatened to pull out from the World Trade Organization and called European trade policies "almost as bad as China," raising fresh worries over trade friction.

The cautious mood resulted in a big sell-off in emerging market currencies such as Argentina's peso, Brazilian real and the Turkish lira, which could have further ramifications across the globe.

AllianceNews

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