Gold prices gain as the trade war intensifies and traders flee the stock market through Investing.com

Investing.com – Gold prices rose Monday in Asia as investors sought a safe haven from fears of a trade war.

for the December delivery increased 1% to $ 1,552.90 on the Comex division of the New York Mercantile Exchangem at 01:22 ET (05:22 GMT).

The gains came after China announced new tariffs on US products and President Donald Trump's request that US companies withdraw from the republic. The United States has also increased existing tariffs on Chinese goods by $ 250 billion, from 25% to 30% in October.

In addition, a new series of customs duties on Chinese goods worth $ 300 billion will be taxed at 15%, up from 10% currently.

In a speech delivered at the Jackson Hole event that ended Friday, US Federal Reserve Chairman Jerome Powell said that the US economy was "in a good spot." "and that the Fed" would do the right thing "to keep current economic growth on the right track. .

His comments, however, have been largely overshadowed by commercial news.

The Fed cut rates last month for the first time in a decade, losing 25 basis points. Markets expect the central bank a similar reduction in September.

On the data front, the United States will release data on GDP and durable goods this week, while China will release its industrial profits. Data on retail sales and trade in Hong Kong are expected later in the week.