Gold prices rose significantly today in Asia, after
China confused the public scene in the trade war with the United States of
America, when it denied its willingness to accept the demands of the United
States of America in their quest for calm and non-escalation.
As of 10:19 GMT, the precious metal price rose to $1,530.75 an ounce. Gold futures opened today at $1,538.10 an
ounce, while the session's high was at $1,554.45 an ounce.
Trade war and its impact on gold
The recent signs of calm in the U.S. - China trade war
over the past few days has played a major role in leaking relief to investors
in global markets.
U.S. President Donald Trump announced that Beijing had
reached out to senior U.S. trade officials, and for its part, it was fully
prepared to sit at the negotiating table in the coming period.
China, for its part, responded to the U.S. statements
by Hu Xijin, editor-in-chief of China's state media Global Times, who announced
that Us President Donald Trump is exaggerating somewhat about the phone calls
between the two countries' trade commissioners, but added Beijing's rejection
of recent tariff escalations between the two countries does not contradict
Beijing's position on trade issues, which he said will not change and China
will not give in to U.S. pressure in any way.
On the other hand, it became clear to all the
consequences of the trade war between the United States of America and China,
which led to a slowdown in the global economy as well as increased the
likelihood of the global economy heading towards a possible recession.
Investors in the global markets are waiting for the
outcome of the trade talks scheduled to take place next month, the markets are
divided towards excessive optimism in the near agreement of trade that will
rein in the parties and excessive pessimism in the continuation of the
escalations between the two countries and the continuing repercussions trade
war between them on the global economy.