MCX Gold hits record high following gains in global markets as trade tiff escalates

On Friday, US President Donald Trump announced 5% additional tariffs on $550bn worth of Chinese goods, in retaliation to China's tariffs on $75bn worth of US goods.

Aug 26, 2019 07:08 IST India Infoline News Service

Global gold prices hit a 6-year high as the escalation of the trade war over the weekend sent prices scurrying above $1,544/ounce.

On Friday, US President Donald Trump announced 5% additional tariffs on $550bn worth of Chinese goods, in retaliation to China's tariffs on $75bn worth of US goods. 
US markets took a sharp dive on Friday down by over ~3%. Asian markets also crashed on Monday following the heightened tensions between the two largest economies.
Traders are eyeing the G7 summit, where Trump said he wished he had raised tariffs on Chinese goods by an even larger amount last week.  

SPDR Gold Trust said its holdings rose 0.58% to 859.83 tonnes on Friday. 

Back home, MCX Gold Oct Expiry rose 0.8% to above Rs39,000/10gms, a record high following global cues.

Silver also rose to a 3-yr high and is currently above Rs45,000/kg.

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