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Gold Surges to $1,300 on US-China Trade Tensions, Other Commodities Decline

May 13, 2019 at 18:37 by Vladimir Vyun

US-China trade tensions remained the main topic this week. The market sentiment sank after the news that China announced new tariffs on US goods in response to the similar move from the United States. As a result of risk aversion, gold futures surged above the psychologically important $1,300 mark. Unsurprisingly, most other commodities declined. Crude oil had rallied earlier on the news about a sabotage of Saudi oil tankers off the coast of the United Arab Emirates. Yet by now, crude has lost all of its gains and trades firmly in the red.

Contract for delivery of gold in June jumped 1% to $1,300.3 per troy ounce as of 18:17 GMT on COMEX today. July silver slipped 0.1% to $14.78 per ounce. Copper tanked as much as 1.96% to $2.72 per pound, which is not surprising considering that China is the major consumer of the industrial metal. WTI crude oil for delivery in June tumbled 1.14% to $60.96 per barrel on NYMEX, while July futures for Brent crude declined 0.69% to $70.13 per barrel on ICE.

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