Economic news

U.S. levies on imports from China increase demand for gold

Gold futures grew on Friday after the U.S. President raised the tariffs on $200 billion worth of Chinese goods. High tariffs put pressure on more risky global markets, thereby bringing profit to precious metals.

gold rises 1005Photo: Reuters

Gold futures for June delivery rose by 0.12 percent to $1,286.70 an ounce. According to FactSet, the precious metal achieved its fifth increase in six sessions, which allowed it to approach weekly growth by about 0.4 percent.

The daily range of futures contracts quotations for gold amounted to $1,283.90 - $1,289.60 per ounce.

The U.S. currency depreciated against a basket of six major world currencies by 0.20 percent, to 97.22, which helped to increase the demand for gold from investors using other currencies.

  • June silver futures slipped slightly by 0.12 percent to $14.76 per ounce after a recent rise of 0.26 percent to $14,812 per ounce;

  • Copper contracts for delivery in July fell by 0.20 percent, to $2,7824 per pound;

  • Platinum for July delivery in electronic trading in New York advanced 1.76 percent to $858.88 per troy ounce;

  • Palladium futures rose 1.75 percent to $1,302.40 per troy ounce.

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