Dubai – Masaader News
The price of gold climbs to a fresh yearly high ($1555) amid growing tensions between the US and China, and current market conditions are likely to keep bullion afloat as there appears to be a flight to safety, according to many reports.
Gold prices may continue to exhibit a bullish behavior as China boosts tariffs on the US, with President Donald Trump responding by announcing that “starting on October 1st, the 250 billion Dollars of goods and products from China, currently being taxed at 25%, will be taxed at 30%.”
In addition, the “remaining 300 billion Dollars of goods and products from China, that was being taxed from September 1st at 10%, will now be taxed at 15%,” and the growing threat of trade war may become a growing concern for the Federal Reserve as “trade policy uncertainty seems to be playing a role in the global slowdown.”