MTECHTIPS:- Gold Prices Struggle for Direction Despite Tariff Escalation

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MTECHTIPS:- Gold Prices Struggle for Direction Despite Tariff Escalation

MTECHTIPS-Gold prices underwent volatility on Friday after news that the U.S. is planning to slap another $100 billion tariffs on China. Gold futures for June delivery on the Comex division of the New York Mercantile Exchange slipped $1.40, or around 0.1%, to $1,327.10 a troy ounce at 4:21 AM ET (8:21 GMT). Having closed a day earlier at $1,328.50, gold traded Friday in a range from $1323.20 to $1,336.70. Trump ordered trade representative Robert Highlighter to consider additional tariffs on $100 billion of Chinese imports, escalating the trade conflicts between the world’s two largest economies. In response, China’s state media said Friday that Beijing will defend its interests “against new U.S. actions”. On Wednesday, the country also said it would levy a 25% tariff on about $50 billion of U.S. imports including soybeans, automobiles chemicals and aircraft. Although gold is generally sought out as a safe haven store of value in times of political and economic uncertainty, markets have been jittery all week as the U.S. and China play tit-for-tat on tariff threats

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