Gold futures on the COMEX division of the New York Mercantile Exchange rose 1.48 percent on Monday, amid escalating trade tensions between China and the United States.
The most active gold contract for June delivery rose 19.6 U.S. dollars, or 1.48 percent, to settle at 1,346.90 dollars per ounce.
Investors returned from the long Easter weekend to fresh developments on the trade war front, which helped boost demand for haven gold.
China suspended tariff concessions on 128 items of U.S. products including pork and fruits starting Monday, according to the Ministry of Finance.
The Customs Tariff Commission of the State Council has decided to impose a tariff of 15 percent on 120 items of products imported from the United States including fruits and related products, and a tariff of 25 percent on eight items of imports including pork and related products from the country, according to a statement posted on the ministry website.
The statement said it was a countermeasure in response to a previous U.S. move to slap tariffs on steel and aluminum imports.
Despite worldwide objections, the U.S. administration decided to impose a 25-percent tariff on steel imports and a 10-percent tariff on aluminum, with tariffs on imports from countries including China.
As for other precious metals, silver for May delivery went up 40.4 cents, or 2.48 percent, to settle at 16.672 dollars per ounce. Platinum for July added 3.9 dollars, or 0.42 percent, to close at 936.50 dollars per ounce.
The most active gold contract for June delivery rose 19.6 U.S. dollars, or 1.48 percent, to settle at 1,346.90 dollars per ounce.
Investors returned from the long Easter weekend to fresh developments on the trade war front, which helped boost demand for haven gold.
China suspended tariff concessions on 128 items of U.S. products including pork and fruits starting Monday, according to the Ministry of Finance.
The Customs Tariff Commission of the State Council has decided to impose a tariff of 15 percent on 120 items of products imported from the United States including fruits and related products, and a tariff of 25 percent on eight items of imports including pork and related products from the country, according to a statement posted on the ministry website.
The statement said it was a countermeasure in response to a previous U.S. move to slap tariffs on steel and aluminum imports.
Despite worldwide objections, the U.S. administration decided to impose a 25-percent tariff on steel imports and a 10-percent tariff on aluminum, with tariffs on imports from countries including China.
As for other precious metals, silver for May delivery went up 40.4 cents, or 2.48 percent, to settle at 16.672 dollars per ounce. Platinum for July added 3.9 dollars, or 0.42 percent, to close at 936.50 dollars per ounce.
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