Gold prices climb as Trump’s China tariff threat rattles markets

Gold costs rose on Monday as traders sought shelter from tumbling equities after U.S. President Donald Trump upended perceived progress on commerce talks by threatening to boost tariffs on Chinese language items this week.

Gold for June supply

GCM9, +Zero.09%

 tacked on $2.80, or Zero.2%, to $1,284.20 an oz, after the contract rose Zero.7% to settle at $1,281.30 an oz on Friday final week. The front-month contract pared final week’s loss to Zero.6%, based on FactSet knowledge.

July silver

SIN9, -Zero.62%

 fared much less nicely, dipping 10 cents, or Zero.7%, to $14.80 an oz, after dropping Zero.7% final week.

Buyers seemed to be leaning in the direction of haven belongings resembling gold and the Japanese yen

USDJPY, -Zero.22%

which was climbing towards the greenback, after a pair of tweets from Trump on Sunday indicated impatience with the progress of China-U.S. commerce talks. Trump mentioned he would raise tariffs on $200 billion of Chinese language items by Friday to 25% from 10%.

The ICE Greenback Index

DXY, +Zero.09%

 was up modestly at 97.571.

U.S. inventory futures hinted at a sharply decrease open for Wall Avenue, with Dow Jones Industrial Common futures

YMM9, -1.81%

 down 500 factors and S&P 500

ESM9, -1.66%

 and Nasdaq-100

NQM9, -2.05%

 personal by 1.eight% and a pair of.2%, respectively. Oil costs

CLM9, -Zero.66%

 had been additionally underneath strain. China shares

SHCOMP, -5.58%

 slid 5.6%, struggling the worst one-day loss since 2016.

July copper

HGN9, -Zero.37%

 fell Zero.7% to $2.797 a pound. If a commerce deal is certainly on the ropes, that would additionally imply difficulties for China’s economic system, and the nation accounts for a bulk of demand for the commercial steel.

Elsewhere, July platinum

PLN9, -Zero.49%

fell Zero.three% to $874.80 an oz, whereas June palladium

PAM9, -Zero.69%

 dropped Zero.2% to $1,355 an oz.

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