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Just when it looked like gold’s rally was starting to founder, the Federal Reserve and an escalation in the U.S.-China trade fracas have given the metal new life.
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Gold, which had been headed for a weekly loss Friday morning, closed at a fresh six-year high after the U.S.-China trade fight intensified and Federal Reserve Chairman Jerome Powell said the U.S. economy faces significant risks from slowing global growth.
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Prices now
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As of Saturday, buying 22K gold will put you back by Dh173.75 a gram in the UAE. Likewise for 24K, 21K and 18K. This is a new six-year peak in prices after a relatively stable week after a steady increase.
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What happened on Friday?
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US President Donald Trump on Friday lashed back at a new round of Chinese tariffs by heaping an additional 5% duty on some $550 billion in targeted Chinese goods in the latest tit-for-tat trade war escalation by the world’s two largest economies.
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Trump’s move, announced on Twitter, came hours after China unveiled retaliatory tariffs on $75 billion worth of US goods, prompting the president earlier in the day to demand US companies move their operations out of China.
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“Starting on October 1st, the $250 billion of goods and products from China, currently being taxed at 25%, will be taxed at 30%,” Trump announced on Twitter. He posted the news after markets closed on Friday, so analysts more repurcussions in upcoming week/s.
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Bookmark our Gold and Forex page to get latest rates in the UAE.
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– Inputs from Bloomberg, Reuters
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