April 6, 2018 / 12:49 AM / a year ago

PRECIOUS-Gold rises after Trump proposes more tariffs on China

    April 6 (Reuters) - Gold prices rose on Friday as investors
sought safer assets after U.S. President Donald Trump proposed
$100 billion in new tariffs on China, raising concerns about an
escalating trade spat between the United States and China.
    * Spot gold        was 0.4 percent higher at $1,330.78 per
ounce as of 0032 GMT, and the U.S. gold futures         rose 0.4
percent to $1,334.10 an ounce.
    * Spot gold on Thursday dropped to a one-week low of
$1,322.40 an ounce after the United States and China signalled
willingness to negotiate a trade dispute.
    * However, President Donald Trump late on Thursday said he
had instructed U.S. trade officials to consider $100 billion in
additional tariffs on China, fuelling an already heated trade
dispute between the world's two biggest economies.             
    * U.S. stock markets slid and the yen rose against the
dollar on Friday.            
    * Gold-backed exchange traded funds in North America saw
inflows in March, amid market volatility and as trade tensions
between the United States and China drove safe-haven purchases
to bullion, while Europe saw outflows for the second straight
    * Holdings of SPDR Gold Trust      , the world's largest
gold-backed exchange-traded fund, rose 0.24 percent to 854.09
tonnes on Thursday from 852.03 tonnes on Wednesday.          
    * Physical gold demand in most Asian hubs was muted this
week, weighed down by stronger prices, despite a slight pick-up
in buying in India ahead of the wedding season and a key
    * The U.S. trade deficit increased to a near 9-1/2-year high
in February, with both imports and exports rising to record
highs in a sign of strong domestic and global demand.
    * Koza Ltd, whose founder had to abandon his Turkish gold
assets, is expanding its operations in Britain with a $1 million
programme to drill for gold in Ayrshire, Scotland, together with
a venture partner, the company said on Thursday.             
    * Swiss refiner Valcambi said it has signed a long-term deal
to refine and sell-on gold from a Fairtrade-accredited
concession of Peruvian mining co-operative Minera Limata, part
of a broader strategy to drive responsible mining.             
    * International mining companies have insisted that
Democratic Republic of Congo amend portions of a new mining code
to respect exemptions they were granted by its predecessor.
    0600  Germany       Industrial output        February
    0645  France        Trade data               February
    0645  France        Current account          February
    1230  U.S.          Nonfarm payrolls         March
    1230  U.S.          Unemployment rate        March
    1730  Federal Reserve Chairman Jerome Powell speaks on the 
              U.S. economic outlook before the Economic Club of

 (Reporting by Swati Verma in Bengaluru; Editing by Michael
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below