Business Maverick: Trade War Spurs `Change in Attitude’ on Gold for Spooked Markets

Gold open interest, a tally of outstanding futures contracts, surged the most since mid-2016 on Monday to the highest in more than seven weeks. Prices of the metal have advanced amid escalating tensions in the Middle East and between the U.S. and China. The rebound comes after bullion slid in the past three months, partly under pressure from gains in the dollar and equities.

“There’s been a change in attitude: there’s safe-harbor buying” in gold, said Peter Thomas, a senior vice president at Chicago-based broker Zaner Group. After the recent price retreat, “we saw a lot of people buying gold again.”as investors assessed the U.S.-China trade war, with the world’s biggest economies planning more tit-for-tat tariffs. Gold futures for June delivery slipped 0.4% to settle at $1,296.30 an ounce on the Comex in New York, after reaching $1,304.

“The dollar is back in green and this has pushed the gold price lower, but I think this is only temporary because investors are largely concerned about the trade-war issue,” Naeem Aslam, chief market analyst at ThinkMarkets, said in an email. “Any pull back could be an opportunity to buy.”

Finance Finance Latest News, Finance Finance Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Business Maverick: Stocks, Commodities Tumble as China Strikes Back: Markets WrapU.S. stocks and commodities tumbled after China retaliated with higher tariffs on a range of American goods. Treasuries jumped with the Japanese yen on demand for haven assets
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Global Stock Losses Hit $2.1 Trillion Ahead of Tariff DeadlineA are hours away from additional tariffs getting slapped on Chinese goods, with the U.S. and China in pivotal trade negotiations, fear has gripped markets and the level of sensitivity to any trade headline is extremely high.
Source: dailymaverick - 🏆 3. / 84 Read more »

Business Maverick: Tuesday May 14, Five Things You Need to Know to Start Your DayU.S. stocks plunged after China hit back at Trump, and Asian futures indicate the selloff is far from over. Uber’s skid continues and in the Philippines, Duterte’s allies lead the Senate vote. Here are some of the things people in markets are talking about today.
Source: dailymaverick - 🏆 3. / 84 Read more »