Gold jumps to 6+ year high, Asian markets slide on Trump’s trade war carnage fears
Gold tested the $1,550 level on Monday morning – the highest since April 2013 and a 20-percent surge this year alone – as the trade war between Washington and Beijing intensified over the weekend, sending stocks, bonds and commodities tumbling down.
Gold explodes higher, touching $1550. Offshore Chinese Yuan continues its downward trend in early Asian trading this morning, as low as 7.18 versus the dollar. Stocks and oil plunge. #forex#china$gold$cnh$usdpic.twitter.com/cyhh2smPb8— Lawrence USGFX (@lawjfx) August 26, 2019
As a result, Asian markets opened deep in the red. Japan’s Nikkei was down over two percent as Hong Kong’s Hang Seng slumped by over three percent. Meanwhile, the Shanghai Composite fell by 1.4 percent, just as Australia’s S&P/ASX 200 dropped by 1.5 percent.
Asian markets for those that are open... pic.twitter.com/8yafeT1AQV— PSK2329 - JHC (@psk2329) August 26, 2019
“With signs of economic turmoil, we have seen a shift towards safe haven assets like gold,” Madhavi Mehta, analyst at Kotak Securities Ltd, told Live Mint. “Gold and the equity market generally have a negative correlation, so with increasing uncertainty about global equities, optimism about gold has risen.”Also on rt.com Trump’s only regret over trade war with China is that... he didn’t ‘raise tariffs HIGHER'
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