Chicago (Antaranews Megapolitan/Xinhua)-gold prices surged. Why?. This is the complete news from Chicago.
Gold Futures on the COMEX Division of the New York Mercantile Exchange surged 1.48 percent in late trade Monday (Tuesday morning EDT), fueled fears of escalating tensions between China and the United States.
The most active gold contract for June delivery, rose 19.6 u.s. dollars or 1.48 per cent, being settled at 1,346.90 u.s. dollars per ounce.
Investors returned from the long Easter weekend holiday for new developments on trade war, which helped boost demand for gold as one of the asset's "safe-haven ".
China suspended the tariff concessions over 128 items of U.S. products including pork and fruits starting Monday (2/4), according to the Ministry of finance.
The Customs Tariff Commission of the State Council has decided to impose a 15 percent rate over 120 items of products imported from the United States, including fruits and related products, as well as the rate of 25 percent for the eight items of imported products including pork and related products from those countries, according to a statement published on the website of the Ministry.
The statement said that the move was retaliation in response to previous U.S. measures to apply the tariff import of steel and aluminum.
Although there were objections around the world, the U.S. Government decided to impose a 25 percent tariff for imported steel and rate of 10 percent for imports of aluminum, with rates of imports from countries including China.
As for the other precious metals, silver for May delivery rose 40.4 cents u.s. or 2.48 percent, to become settled in 16.672 u.s. dollars per ounce. Platinum for July increased by surrender 3.9 us dollars or 0.42 percent, to close at 936.50 u.s. dollars per ounce.
How Do You Think The Steemit About The Price Of Gold.