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Gold futures settle above 1,300 USD on fresh trade tensions

2019-06-01 03:44

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CHICAGO, May 31 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday, posting their highest finish in over seven weeks, as investors turned to safe-haven buying amid trade tensions between the United States and Mexico.

The most active gold contract for August delivery went up 18.7 U.S. dollars, or 1.45 percent, to settle at 1,311.1 dollars per ounce.

U.S. President Donald Trump on Thursday said he would impose a 5-percent tariff on all imported Mexican goods beginning June 10 so as to pressure the country to halt undocumented migrants crossing the border.

The United States' intending to impose trade tariffs on Mexico, Germany and other Eurozone nations will be bullish for gold, analysts said.

The precious metal was also supported by a weaker greenback. The U.S. dollar index, which measures the buck against six rivals, went down 0.32 percent to 97.82 as of 1730 GMT.

Gold usually moves in opposite directions with the U.S. dollar, which means if the dollar goes strong, gold futures will fall as gold, priced in U.S. dollar, becomes expensive for investors using other currencies.

As for other precious metals, silver for July delivery was up 7.6 cents, or 0.52 percent, to settle at 14.567 dollars per ounce. Platinum for July delivery was up 0.1 dollar, or 0.01 percent, to close at 794.2 dollars per ounce.

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