PRECIOUS-Gold rises on renewed U.S.-China trade tensions
April 2 (Reuters) – Gold prices rose on Monday as the dollar eased amid renewed concerns over a trade war after China imposed extra tariffs on U.S. products in response to U.S. duties on imports of aluminium and steel.
After falling in the past three trading sessions, spot gold XAU= edged up 0.4 percent to $1,329.24 per ounce at 0343 GMT.
China has slapped extra tariffs of up to 25 percent on 128 U.S. products including frozen pork, as well as wine and certain fruits and nuts, in response to U.S. duties on imports of aluminium and steel. tariffs take effect on Monday and match a list of potential tariffs on up to $3 billion in U.S. goods published by China on March 23. trade war is going on and it is getting worse, so that might be the reason that people are selling dollar and buying gold,” said Yuichi Ikemizu at ICBC Standard Bank in Tokyo.
Gold fell 1.7 percent last week in its biggest such drop since early December. But the precious metal climbed 1.7 percent in January-March, posting its third straight quarterly gain.
U.S. gold futures GCcv1 rose 0.4 percent to $1,333.10 an ounce.
The dollar index .DXY , which measures the greenback against six other major currencies, eased 0.2 percent to 89.988.
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