Gold Rallies On Weak Dollar And Trade War News

March 3, 2018

Washington (Mar 3)  Gold prices rose Friday as stocks slumped on fears about a possible trade was between the US and China.

Trump indicated that he plans to impose a 25% tariff on steel imports and a 10% tariff on aluminum imports.

"Sometime next week we'll be signing it in," Trump said. "And you're going to have protection for the first time in a long time."

Gold slipped for the first time in three days.

April gold finished up USD18.20, or 1.4%, at USD1,323.40 an ounce, but gold lost 0.5% based on last Friday's settlement.

Stocks slumped and the dollar weakened, boosting gold's safe haven appeal.

Traders continued to assess this week's testimony from Fed Chair Jerome Powell.

"We see wages by a couple of measures trending up a little bit, but most of them continuing to grow at two and a half %," Powell said.

"Nothing is suggesting to me that wage inflation is at a point of accelerating," he added.


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