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Gold Prices Move Higher on Softer Dollar, Trade Tensions
Gold prices pushed higher on Monday boosted by the softer dollar and in escalation in trade tensions between the U.S. and China, which underpinned safe haven demand for the precious metal.
Gold futures for June delivery on the Comex division of the New York Mercantile Exchange rose $8.00 or 0.6% to $1,335.3 a troy ounce by 04:39 AM ET (08:39 AM GMT).
China announced Monday that it is increasing tariffs by up to 25% on certain U.S. imports in response to U.S. duties on imports of aluminum and steel.
The move intensified trade tensions between the world’s two largest economies, which investors fear could escalate into a full blown trade war and deal a blow to the global economy.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last down 0.21% to 89.56.