Wednesday, February 28, 2024
HomeCommodity NewsGold Prices Surge on Safe Haven Demand, Weaker Dollar

Gold Prices Surge on Safe Haven Demand, Weaker Dollar – Gold prices surged on Friday as American officials dashed hopes for an imminent solution to trade tensions between China and the U.S. and the dollar suffered from dovish comments from the Federal Reserve and a bearish call fromMorgan Stanley (NYSE:MS).

At 10:49 AM ET (15:49 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange jumped $22.50, or 1.85%, to $1,221.70 a troy ounce.

U.S.-China Trade Deal Hopes Fade

Recent hopes that trade tension between China and the U.S. may be receding on reports of continuing talks ahead of U.S. President Donald Trump and Chinese President Xi Jinping at the G20 summit later this month began to fade as officials deemed a deal to be unlikely.

A senior Trump administration official told Reuters on Thursday that China’s written response to U.S. demands for trade reforms, received earlier this week, was unlikely to trigger a breakthrough deal.

U.S. Trade Representative Robert Lighthizer on Thursday denied a report that he had told some industry executives that another round of tariffs on Chinese imports had been put on hold as the two nations pursue talks.

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