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Gold & Silver Rally, Copper & Crude Oil Drop as US & Chines Tariffs Kick In

September 2, 2019 at 22:46 by Vladimir Vyun

Gold and silver rallied while copper and crude oil fell amid risk aversion on markets. While markets opened on Monday on a rather positive note, the traders’ mood soured later during the session. The positive Caixin China manufacturing report was responsible for the initial optimism of traders before the sentiment worsened. Analysts argued that the reason for the worsening sentiment was the further escalation of the US-China trade war. US tariffs on Chinese goods and China’s tariffs on US goods kicked in today. And while traders were optimistic last week due to signs of the willingness of both the United States and China to negotiate, with no end of the conflict in sight investors are becoming more and more concerned about the long-term impact of the trade spat on the world economy.

The CFTC Commitment of Traders report showed that hedge funds and money managers increased their long positions on gold to the all-time high last week.

Futures for delivery of gold in December edged up 0.42% to $1,535.80 per troy ounce as of 22:32 GMT on COMEX today. Contract for silver jumped 1.00% to $18.52 per ounce. At the same time, copper fell 0.73% to $2.5330 per pound. WTI crude oil dropped 0.54% to $54.80 per barrel on NYMEX. November Brent crude plunged $1.00% to $58.66 per barrel on ICE.

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