Investing.com – Gold prices were marginally higher Monday morning in Asia as new tariffs kicked in in both the U.S. and China, marking the next step in the ongoing trade dispute between the two largest economies in the world.
traded on the Comex division of the New York Mercantile Exchange were up 0.26% to $1,533.40 a troy ounce by 10:55 PM ET (02:55 GMT).
Over the weekend, tariffs of 15% on USD110 billion worth of Chinese imports took effect as did tariffs of between 5% to 10% on a range of U.S. goods.
Still, continued talks between the U.S. and China appear to be on track for September with several months before more tariffs on both sides take effect in December.
Meanwhile, China’s economy remained under pressure. The official (PMI) for August, released on Saturday, came in lower than expected at 49.5 down from 49.7 in July.
However, the , released Monday morning, recorded an increase to 50.4 in August up from 49.9 in July. In both cases, a reading above 50 signals expansion.
Gains on gold remained subdued as the US dollar has recovered some lost ground over the past few days. During Monday morning in Asia, the that tracks the greenback against a basket of currencies was marginally lower, down 0.08% to 98.83.
would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.