• Gold is retreating as a result of pressure on the Yuan





    Gold prices fell Monday, as US and China trade tensions have been strained over the possibility of a deal on the Yuan, which is raising the cost of yellow metal to buyers in China, the world's largest consumer.

    By 05:58 GMT, the spot price of gold was down 0.2 percent at $ 1238.40 an ounce.

    US gold futures fell 0.2 percent to 1285.20 an ounce.

    The trade war between the world's two largest economies rose on Friday as the United States lifted tariffs on Chinese goods worth 200 billion dollars, after US President Donald Trump said that China has "breached the agreement" by renouncing earlier commitments.

    China has vowed to respond without giving details.


    The United States and China appeared to have reached a stalemate in trade negotiations on Sunday, as Washington has asked for concrete changes in Chinese law, and Beijing has said it will not accept any harm to its interests.

    The Yuan fell in foreign trade to its lowest level in more than four months at 6.896 against the dollar.

    It fell in the latest trading 0.7 percent at 6.888 dollars.

    The weakness of the Yuan raises the price of gold for buyers in Asia.


    For other precious metals, silver fell 0.4 percent to $ 14.70 an ounce, while platinum fell 1 percent to $ 852.

    Palladium fell 1.2 percent to $ 1,340 an ounce.​

© All Rights Reserved for Asharqia Chamber