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Gold prices gained on Friday in Asia amid concerns surrounding the U.S.-China trade war.for December delivery on the Comex division of the New York Mercantile Exchange gained 0.5% to $1,518.25 a troy ounce by 1:01 AM ET (5:01 GMT).The safe-haven metal surged this week after China devalued its yuan in response to the U.S. threat to impose more tariffs on Chinese goods.The People’s Bank of China set its yuan midpoint weaker than 7 for two days in a row on Thursday and Friday. The level is the weakest since April 2008.
The metal is now on track for its best week since April 2016, according to data compiled by Reuters.Stock markets were under pressure this week in the face of pending U.S. tariff increases on Chinese products in September, which increased safe-haven demand.There was speculation that the U.S. Federal Reserve will have to cut rates further if the ongoing Sino-U.S. trade war worsens.In general, a lower interest rate benefit the non-yield bullion. Expectations of low-rates environment in the U.S. have sent gold on a bullish run that saw it jump roughly 15% so far this year.