In Futures Markets, Gold Prices in India Hit Life Time New Highs, In global markets, gold prices were rose 0.7% to six-year high of $1,474 an ounce. Gold prices got a boost after US President Donald Trump last week in a surprise move announced that he would slap 10% tariffs on $300 billion in Chinese imports.
Chinese Imports
China is Buying & Accumulate More and More Gold as the Trade War Drags on
Gold Silver Reports (GSR) – China extended its gold-buying spree, adding to reserves for a sixth straight month, as the protracted trade war with the U.S. hurts growth expectations and boosts demand for a portfolio diversifier.
Global Stocks Slip on Report China Calls off US Trade Talks – Gold Silver Reports
The U.S. and China officially began taxing larger amounts of each other’s goods Monday, and the Wall Street Journal reported that China pulled out of talks that could have led to a new round of negotiations to end the trade war. Global stocks took small losses Monday after China reportedly pulled out of trade talks with the U.S. Industrial companies and banks suffered some of the worst declines among American stocks.
U.S. to Raise Tariffs on $16 Billion of China Goods on Aug. 23
Gold Silver Reports (GSR) – President Donald Trump has suggested he may tax effectively all imports of Chinese goods, which reached more than $500 billion last year.
U.S.-China Trade Truce May Be Fleeting Absent Serious Reform
Gold Silver Reports (GSR) – U.S.-China Trade Truce May Be Fleeting Absent Serious Reform — President Donald Trump had threatened to slap tariffs on up to $150 billion in Chinese imports, while Beijing vowed to respond in kind. For now, Mnuchin’s cease-fire declaration will soothe the nerves of investors worried that the world’s two biggest economies were on the verge of an all-out trade conflict.