{"id":95,"date":"2019-05-13T17:49:35","date_gmt":"2019-05-13T17:49:35","guid":{"rendered":"https:\/\/goldsilverdesk.com\/news\/?p=95"},"modified":"2024-07-08T17:50:08","modified_gmt":"2024-07-08T17:50:08","slug":"gold-climbs-bouyed-by-steep-u-s-stock-market-declines-on-the-back-of-trade-tensions","status":"publish","type":"post","link":"https:\/\/goldsilverdesk.com\/news\/gold-climbs-bouyed-by-steep-u-s-stock-market-declines-on-the-back-of-trade-tensions\/","title":{"rendered":"Gold climbs, bouyed by steep U.S. stock market declines on the back of trade tensions"},"content":{"rendered":"\n

May 13, 2019 11:20 a.m. ET <\/p>\n\n\n\n

by MYRA P. SAEFONG
MARKETS\/COMMODITIES REPORTER
&
RACHEL KONING BEALS
<\/p>\n\n\n\n

Gold futures climbed Monday, overcoming earlier losses, as U.S. benchmark stock indexes suffered steep declines with U.S.-China trade talks at an apparent stalemate.<\/p>\n\n\n\n

\u201cUncertainty over the real impact on [the] U.S. economy and Chinese economy is driving gold prices higher,\u201d Chintan Karnani, chief market analyst at Insignia Consultants, told MarketWatch.<\/p>\n\n\n\n

\u201cTraders and investors were neutral in gold on the weekend on the belief that a trade deal between U.S.-China would be reached. China announcing counter tariff[s] acted as fodder [for a] gold price rise,\u201d he said. \u201cBut spot gold needs to trade over $1,300 till tomorrow to attract new investors and new traders alike.\u201d<\/p>\n\n\n\n

Gold for June delivery GCM9, +1.12%<\/a> was up $10.80, or 0.8%, at $1,298.20 an ounce, but had traded as low as $1,282.40. It settled Friday at $1,287.40, a move that marked the fifth gain in six sessions, according to FactSet data. For last week, prices based on the most-active contract climbed 0.5%.<\/p>\n\n\n\n

The SPDR Gold Shares ETF GLD, +1.12%<\/a>  rose 1%.<\/p>\n\n\n\n

Gold futures had settled higher for a second straight session on Friday as the Trump administration raised the import taxes on select Chinese goods from 10% to 25%<\/a>. The administration claimed its Chinese counterparts reneged on commitments made in earlier talks.<\/p>\n\n\n\n

Stocks on Friday had dropped initially on the trade developments before staging a late-session recovery and in Monday dealings, U.S. stocks traded sharply lower<\/a>after China said it will raise tariffs<\/a> on roughly $60 billion worth of U.S. imports to as high as 25%.<\/p>\n\n\n\n

The dollar, as measured by the ICE U.S. Dollar Index DXY, -0.03%<\/a> was down 0.1%. Currency investors were increasingly favoring safe havens, including the Japanese yen, over the dollar.<\/p>\n\n\n\n

\u201cMarkets will likely be left in limbo for the coming weeks. Positive risk sentiment that had built in the early months of 2019 is now questionable,\u201d said Richard Perry, market analyst at Hantec Markets. \u201cSafe havens have benefitted from all of this. Treasury yields have fallen, whilst the yen and Swissy have been the main winners in the forex space. The dollar had initially slipped on the shock, however, in the past couple of sessions has begun to build support again.\u201d<\/p>\n\n\n\n

It is relative dollar strength that has limited gold\u2019s advance, say analysts, as a richer buck makes the metal less attractive to investors using other currencies and vice versa.<\/p>\n\n\n\n

redacted from Market Watch article 5-13-19<\/em>
__________________________________<\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

May 13, 2019 11:20 a.m. ET by MYRA P. SAEFONGMARKETS\/COMMODITIES REPORTER&RACHEL KONING BEALS Gold futures climbed Monday, overcoming earlier losses, as U.S. benchmark stock indexes suffered steep declines with U.S.-China trade talks at an apparent stalemate. \u201cUncertainty over the real impact on [the] U.S. economy and Chinese economy is driving gold prices higher,\u201d Chintan Karnani, … Continue reading “Gold climbs, bouyed by steep U.S. stock market declines on the back of trade tensions”<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-95","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"yoast_head":"\nGold climbs, bouyed by steep U.S. stock market declines on the back of trade tensions - Gold Silver Desk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/goldsilverdesk.com\/news\/gold-climbs-bouyed-by-steep-u-s-stock-market-declines-on-the-back-of-trade-tensions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold climbs, bouyed by steep U.S. stock market declines on the back of trade tensions\" \/>\n<meta property=\"og:description\" content=\"May 13, 2019 11:20 a.m. ET by MYRA P. SAEFONGMARKETS\/COMMODITIES REPORTER&RACHEL KONING BEALS Gold futures climbed Monday, overcoming earlier losses, as U.S. benchmark stock indexes suffered steep declines with U.S.-China trade talks at an apparent stalemate. \u201cUncertainty over the real impact on [the] U.S. economy and Chinese economy is driving gold prices higher,\u201d Chintan Karnani, … Continue reading "Gold climbs, bouyed by steep U.S. stock market declines on the back of trade tensions"\" \/>\n<meta property=\"og:url\" content=\"https:\/\/goldsilverdesk.com\/news\/gold-climbs-bouyed-by-steep-u-s-stock-market-declines-on-the-back-of-trade-tensions\/\" \/>\n<meta property=\"og:site_name\" content=\"Gold Silver Desk\" \/>\n<meta property=\"article:published_time\" content=\"2019-05-13T17:49:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-08T17:50:08+00:00\" \/>\n<meta name=\"author\" content=\"david@goldsilverdesk.com\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"david@goldsilverdesk.com\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/goldsilverdesk.com\\\/news\\\/gold-climbs-bouyed-by-steep-u-s-stock-market-declines-on-the-back-of-trade-tensions\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/goldsilverdesk.com\\\/news\\\/gold-climbs-bouyed-by-steep-u-s-stock-market-declines-on-the-back-of-trade-tensions\\\/\"},\"author\":{\"name\":\"david@goldsilverdesk.com\",\"@id\":\"https:\\\/\\\/goldsilverdesk.com\\\/news\\\/#\\\/schema\\\/person\\\/7985cc77bfb2b705aec4b5dd3e07c748\"},\"headline\":\"Gold climbs, bouyed by steep U.S. stock market declines on the back of trade tensions\",\"datePublished\":\"2019-05-13T17:49:35+00:00\",\"dateModified\":\"2024-07-08T17:50:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/goldsilverdesk.com\\\/news\\\/gold-climbs-bouyed-by-steep-u-s-stock-market-declines-on-the-back-of-trade-tensions\\\/\"},\"wordCount\":434,\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/goldsilverdesk.com\\\/news\\\/gold-climbs-bouyed-by-steep-u-s-stock-market-declines-on-the-back-of-trade-tensions\\\/\",\"url\":\"https:\\\/\\\/goldsilverdesk.com\\\/news\\\/gold-climbs-bouyed-by-steep-u-s-stock-market-declines-on-the-back-of-trade-tensions\\\/\",\"name\":\"Gold climbs, bouyed by steep U.S. stock market declines on the back of trade tensions - 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