Commodity News
HeadLine : Gold inches up as U.S. says China tariffs in place till Phase 2 deal
Date : Jan 15 2020
Gold edged up on Wednesday, after a top U.S. official said tariffs on China would stay until a Phase 2 deal is completed, ahead of the signing of an interim trade deal between the two countries, while palladium scaled a record peak. Spot gold rose 0.1% to $1,547.23 per ounce; prices had touched their lowest since Jan. 3 at $1,535.63 on Tuesday. U.S. gold futures GCv1 rose 0.2% to $1,547.80. U.S. Treasury Secretary Steven Mnuchin said on Tuesday the United States would keep in place tariffs on Chinese goods until the completion of a Phase 2 trade deal. Mnuchin also said, the first phase of a trade agreement will be fully enforceable, including a pledge by China to refrain from manipulating its currency. China has pledged to buy almost $80 billion of additional manufactured goods from the United States over the next two years as part of a tariff war truce, according to a source, though some U.S. trade experts call it an unrealistic target. U.S. consumer prices rose slightly in December even as households paid more for healthcare, and monthly underlying inflation slowed. The Federal Reserve Bank of New York said on Tuesday it will continue to inject liquidity into the overnight lending markets for cash until at least mid-February while slightly reducing offerings on longer term loans.

Source : Investing
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