Monday 9 December 2019

Gold rises as prospects of U.S. tariffs lift safe-haven demand

Gold prices crept higher on Monday after Washington reiterated its stance on a deadline for a new round of U.S. tariffs on Chinese goods this weekend, supporting demand for safe havens.

FUNDAMENTALS

Spot gold was up 0.1% at $1,460.40 per ounce, as of 0158 GMT, after having slid 1% in the previous session, its biggest one-day drop in a month.

U.S. gold futures were flat at $1,464.90.

White House economic adviser Larry Kudlow said on Friday that the Dec. 15 deadline is still in place for a new round of U.S. tariffs on Chinese goods set to kick-in, but U.S. President Donald Trump likes where trade talks with China are going.

Cautious sentiment supported bullion, often seen as an alternative investment during times of political and financial uncertainty.

Completion of a "phase-one" deal between the world's two biggest economies had been initially expected in November, ahead of the new round of U.S. tariffs in mid-December, covering about $156 billion of Chinese imports.

Palladium shed 0.2% to $1,873.74 per ounce, having hit a record peak at $1,880.65 in the previous session.

Silver was up 0.1% at $16.58 per ounce, after touching its lowest since early August in the last session, while platinum eased 0.4% to $892.30.

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