Gold on MCX settled down -1.01% at 30547 as risk appetite recovered after the United States expressed willingness to resolve an escalating trade fight with China
Gold prices fell as risk appetite recovered after the United States expressed willingness to resolve an escalating trade fight with China – Gold on MCX settled down -1.01% at 30547 as risk appetite recovered after the United States expressed willingness to resolve an escalating trade fight with China. President Donald Trump on Thursday directed U.S. trade officials to identify tariffs on $100 billion more Chinese imports, upping the ante in an already high-stakes trade confrontation between the world’s two largest economies. The further tariffs were being considered “in light of China’s unfair retaliation” against earlier U.S. trade actions, which included a proposed $50 billion of tariffs on Chinese goods, Trump said in a White House statement. 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. 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 month.
Copper rose as fading concerns over the prospect of a trade war between China and the United States sparked a bounce in cyclical assets such as industrial metals – Copper on MCX settled up 1.45% at 439.95 on short covering with other Base metals prices were mostly higher from the day’s low reacted as trader assess the outlook for US-China trade tensions while both major economies signal willingness to negotiate. Copper regained on the announcement of China imposing additional tariffs on US imports to retaliate for duties on its high-tech goods reported from the Trump administration. Copper closed $92 higher to climb back above the $6,800 per tonne support level, continues to find support from expectations of negotiations between the US and China allaying trade tensions. The United States signaled its willingness on Wednesday to try to resolve an escalating trade dispute with China after Beijing retaliated against proposed U.S. tariffs on $50 billion in Chinese goods by targeting key American imports. While the United States and China should avoid a trade war, China’s Ambassador to the United States, Cui Tiankai, said on Wednesday, stressing that Beijing’s preference was to resolve the dispute through negotiations.
Oil Prices Fall On Trump Threats Of New China Tariffs – Oil prices fell on Friday morning in Asia after U.S. President Donald Trump threatened to impose new tariffs on China, fueling fears of a trade war between the world’s two biggest economies.President Trump said on Thursday he had ordered U.S. trade officials to consider an additional $100 billion in tariffs on China, escalating tensions with China, which has increased tariffs by up to 25% on 128 U.S. products. China is also taking its first steps towards paying for imported crude oil in yuan instead of the U.S. dollar. A pilot program for yuan payment could be launched as early as the second half of this year. As the biggest importer of crude oil and the world’s largest energy consumer, China’s oil demand is a key determinant of global oil prices.
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