Gold futures on the COMEX division of the New York Mercantile Exchange closed higher on Thursday, as investor turned to safe-haven buying amid renewed trade frictions between China and the United States.
The most active gold contract for August delivery went up 2.2 dollars, or 0.18 percent, to close at 1,246.6 dollars per ounce.
Investors were widely worried about the impact of trade frictions between the world's top two economies as the U.S. Trade Representative said Tuesday that Washington was preparing to impose 10 percent tariffs on another 200 billion U.S. dollars of Chinese imports.
The announcement came just days after the United States imposed 25 percent tariffs on 34 billion dollars of Chinese goods.
Analysts note that the safe haven properties of the precious metal were appealing to investors, giving support to gold during the trading session.
As for other precious metals, silver for September delivery added 16.6 cents, or 1.01 percent, to settle at 15.977 dollars per ounce. Platinum for October rose 11.4 dollars, or 1.37 percent, to close at 846.4 dollars per ounce.
The most active gold contract for August delivery went up 2.2 dollars, or 0.18 percent, to close at 1,246.6 dollars per ounce.
Investors were widely worried about the impact of trade frictions between the world's top two economies as the U.S. Trade Representative said Tuesday that Washington was preparing to impose 10 percent tariffs on another 200 billion U.S. dollars of Chinese imports.
The announcement came just days after the United States imposed 25 percent tariffs on 34 billion dollars of Chinese goods.
Analysts note that the safe haven properties of the precious metal were appealing to investors, giving support to gold during the trading session.
As for other precious metals, silver for September delivery added 16.6 cents, or 1.01 percent, to settle at 15.977 dollars per ounce. Platinum for October rose 11.4 dollars, or 1.37 percent, to close at 846.4 dollars per ounce.
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