MTECHTIPS:-Gold hits six-year peak as trade, growth concerns spur demand
MTECHTIPS-Gold prices jumped 1% to their highest level in more than six years on Monday, as the escalating trade war between the United States and China along with global growth worries drove investors towards safe-haven assets. Spot gold was up 0.8% at $1,451.37 per ounce as of 0405 GMT, after hitting its highest since May 2013 at $1,455.26. U.S. gold futures rose 0.5% to $1,464.50. “Gold is certainly benefiting from the global concerns about the outlook for growth, and central banks are likely to maintain their accommodative stance, so safe-havens like gold are in demand,” said Michael McCarthy, chief market strategist, CMC Markets.Trade tensions between the U.S. and China is an important factor, the potential for escalation is very high… we might not get what markets are fearing, but it is all adding to the real concerns about the outlook for growth assets.” On Friday, China said it will fight back against U.S. President Donald Trump’s decision to impose an additional 10% tariff on $300 billion worth of Chinese imports. The tariffs may force the central bank to cut interest rates more than it had hoped was necessary to protect
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