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Gold & Other Precious Metals Rally on Returning Trade War Fears, Copper Unhappy

August 31, 2018 at 13:24 by Vladimir Vyun

Gold gained and other precious metals rallied as well today amid returning fears of trade wars. The United States were planning additional $200 billion tariffs on China’s goods, a move that will likely prompt the Asian nation to retaliate in a similar fashion. There were also talks that the USA will likely reject the offer from the European Union to drop tariffs on automobiles in return for the same move from the USA.

Unsurprisingly, copper was not thrilled by the news. China is the biggest consumer of the industrial metal. And the potential negative impact on the nation’s economy from the trade dispute with its biggest trading partner will certainly affect demand for the metal very negatively.

Gold for delivery in December advanced 0.28% to $1,208.4 per troy ounce as of 13:11 GMT on COMEX today. Contract for silver rose 0.14% to trade at $14.62 per ounce. Spot price for platinum advanced 0.41% to $793.23 per ounce, while palladium climbed as much as 1.13% to $981.18 per ounce. At the same time, the most-trading contract for copper lost 0.83% of its value to $2.695 per pound.

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