Gold gained yesterday amid signs of stress in global equities though the metal slipped from one week high of $1225 per ounce in US session. European shares declined Thursday amid a deepening US-China trade dispute and a mixed set of corporate earnings. COMEX Gold continued to edge up after testing lows near its one year low and broke above $1220 per ounce. The metal quotes at $1219 per ounce right now, down marginally on the day. MCX Gold futures ended at Rs 29660 per 10 grams, up 0.17% on the day after hitting highs above Rs 29700 mark.
The Chinese Ministry of Commerce announced a 25% tariff on $16 billion worth of American goods. The announcement came after the US Trade Representative's office released a finalised list of $16 billion worth of Chinese goods that will be hit with tariffs, taking effect on 23 August 2018. The latest US list brings the total amount of Chinese goods facing a 25% tariff to $50 billion.
Meanwhile, the European Central Bank (ECB) noted in a latest update that uncertainties related to global factors, notably the threat of protectionism remain prominent. In the Economic Bulletin, released Thursday, the ECB said the risk of persistent heightened financial market volatility continues to warrant monitoring.
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