Singapore Markets open in 7 hrs 37 mins

Gold Prices, Dollar Slips as New China Tariffs Imminent

Gold prices and the U.S. dollar both slipped on Monday - Gold prices and the U.S. dollar both slipped on Monday as the United States is set impose a new round of tariffs on Chinese imports.

Gold futures for December delivery were down 0.14% to $1,199.4 per troy ounce at 12:50AM ET (04:50 GMT) on the Comex division of the New York Mercantile Exchange.

Reports on the weekend suggested that U.S. President Donald Trump wants to move forward with tariffs on $200 billion in Chinese goods.

The tariff level will probably be about 10%, the Wall Street Journal reported, quoting people familiar with the matter. This is below the 25% the administration said it was considering for this possible round of tariffs.

The U.S. Dollar Index, which tracks the greenback against a basket of other currencies, traded 0.04% lower to 94.47.

Asian equities also traded mostly lower on the tariffs news, with China’s Shanghai Composite, the Shenzhen Composite and Hong Kong’s Hang Seng Index all fell more than 1%.

Looking ahead, the U.S. Commerce Department is set to publish a report on building permits and housing starts for August at on Wednesday.

The data is expected to show that permits dipped 0.1% slightly to 1.310 million last month, while housing starts are forecast to show a gain of 5.8% to 1.240 million.

Related Articles

Oil Prices Fall amidst Fresh Wave of U.S. Tariffs

Oil prices ease as trade row clouds demand outlook

Storm Florence weakens but epic rains still expected on U.S. east coast