Gold futures ended lower Wednesday, but of session lows as tensions between the U.S. and China worsened after Secretary of State Mike Pompeo announced that Hong Kong is no longer autonomous from China.
The announcement could lead the Trump Administration to revoke special treatment for the Hong Kong economy, which is exempt from tariffs levied on Chinese imports. Jeff Wright, executive vice president of GoldMining Inc., had expected to see a "snap back" in prices with U.S.-China tensions...
Gold prices notched a slight gain Thursday as investors focused on intensifying friction between the U.S. and China. Continued concerns about negative interest rates and a jump in flows in exchange-traded funds focused on gold also helped to push bullion higher.
August gold ended $1.50, or 0.1%, higher at $1,728.30 an ounce. However, that finish was well off the intraday peak for bullion at $1,743.70 an ounce.
Gold prices rose on Thursday as tensions between the United States and China over a Hong Kong security law escalated, while fresh stimulus measures by several economies to mitigate the coronavirus fallout also lent support.
Spot gold was up 0.2% at $1,711.35 per ounce, as of 1250 GMT, after touching a two-week low on Wednesday. U.S. gold futures fell 0.2% to $1,723.60.
U.S. Secretary of State Mike Pompeo said Hong Kong no longer qualifies for its special status under the U.S. law,...
Gold lost ground Wednesday, sliding below the psychologically important $1,700-an-ounce level as an ongoing stock-market rally in response to easing COVID-19 lockdowns robbed the yellow metal of its haven appeal.
Gold for June delivery on Comex dropped $12.60, or 0.7%, to $1,693 an ounce, while July silver was off 13 cents, or 0.7% at $17.465 an ounce.
A dip below $1,700 could turn into a further correction, said Carsten Fritsch, analyst at Commerzbank, in a note. U.S. equities rose sharply...
Gold futures rose on Thursday as China-U.S. tensions remained in focus, driving haven buying on Wall Street.
Elevated animosities between Beijing and Washington over China's human rights policies, including its relationship with Hong Kong and the treatment of a Muslim minority, have underpinned buying in haven assets.
China on Thursday hardened its stance, forging ahead with a resolution to impose national-security laws on Hong Kong in a bid to suppress protests there.
That action comes...