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​Gold futures rise on safe-haven buying

2018-07-10 08:40

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Gold futures on the COMEX division of the New York Mercantile Exchange closed higher on Monday, as investor turned to safe-haven buying amid trade frictions between China and the United States.

The most active gold contract for August delivery went up 3.8 dollars, or 0.3 percent, to close at 1,259.6 dollars per ounce.

Investors were widely worried about the impact of trade frictions between the world's top two economies after the United States began imposing a 25-percent additional tariff on Chinese products worth 34 billion U.S. dollars on Friday.
The U.S. dollar traded higher in late trading on Monday, but was down 0.5 percent so far this month.

A weaker greenback can make assets pegged to the currency, including gold, more attractive to buyers using other monetary units.

As for other precious metals, silver for September delivery added 7 cents, or 0.44 percent, to settle at 16.139 dollars per ounce. Platinum for October rose 4.9 dollars, or 0.58 percent, to close at 853.5 dollars per ounce.
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