overnight as an escalation in US-China
tensions stoked demand for safety, while
silver followed bullion’s rally to hit a near
seven-year high on hopes for a recovery
in industrial demand.
Spot gold hit its highest level since
September 2011 at $US1870.01 and
ounce, nearing its all-time peak hit the
same month.
“Gold is accelerating higher and that’s been
mainly on the geopolitical tensions with
China. There seems to be no end in
sight for this escalation ... and it’s
going to damage sentiment as the world’s
largest countries continue to bicker,” said
Edward Moya, senior market analyst at broker
OANDA.
The US ordered China to close its
consulate in Houston, while a source said
Beijing was considering shutting the US
consulate in Wuhan in retaliation.
https://thewest.com.au/business/mining/us-china-tit-for-tat-drives-gold-to-9-year-high-ng-b881617759z