Wed. Jun 7th, 2023

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USA vs. China increased gold price

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Gold and silver edged higher on Friday after Sino-US tensions over Hong Kong escalated further while India continued to report an increasing number of new cases forcing investors to seek safe havens.

China approved a decision to go forward with national security legislation for Hong Kong, which could erode the city’s freedom and its role as a financial hub will be in jeopardy .

Gold futures were up 0.33% or Rs 152 at Rs 46,557 per 10 grams. Silver futures added 0.34% or Rs 167 to Rs 48,725 per kg.

Spot gold markets remained shut due to lockdown in the country to check the spread of coronavirus, according to HDFC Securities.

US President Donald Trump’s top economic adviser warned that Hong Kong, which has enjoyed special privileges, may now need to be treated like China when it comes to trade and other financial matters.

Globally, gold prices ticked up on Friday as the Sino-U.S. rift deepened over further moves by Beijing to impose a security law on Hong Kong, lifting the allure of safe havens amid market uncertainties caused by the pandemic.

Spot gold was up 0.1% at $1,719.63 per ounce, as of 1249 GMT. U.S. gold futures rose 0.4% to $1,734.60.

Palladium was flat at $1,930.67 per ounce, platinum declined 0.9% to $830.81, and silver fell 0.3% to $17.38.

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