Precious metal prices stabilized today during the Asian session, as concerns about the recession increased as the U.S.-China trade war continues to escalate.
As of 08:00GMT, Gold spot prices rose today, reaching $1550.65 an ounce. The precious metal opened today's session near $1,547.85 an ounce. On the other hand, gold spot prices were at $1,559.75 per ounce as the highest level during today's session.
Economic stagnation and the impact on Gold market
On the other hand, the reversal of the yield curve has played a major role in raising fears of a near-recession, with the reversal being one of the biggest negative signs for any economy.
On the other hand, global equities fell as gold futures moved towards stability due to the acceptance of the precious metal in cases of lower yields.
The impact of the continuation of the trade war on global markets
This comes at a time when the U.S.-China trade war is going through a period of uncertainty in an effort to reach an agreement that satisfies the parties, with U.S. Treasury Secretary Steven Mnuchin refusing to say whether the planning meeting with Chinese officials will take place next month. However, Mnuchin stressed that talks with China will continue.
Not far from the damage caused by the U.S.-China trade war, the global economy was the first victim, as the global economy slowed, creating uncertainty among investors in global markets and their hopes of ending the trade war between the two largest economies in World.
On the other hand,
British Prime Minister Boris Johnson's decision to suspend the work of the
British Parliament has had a major impact on the increased uncertainty among
investors in global markets. Obstruction of the Process of Exiting the European
Union by British Parliament lawmakers