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Mubasher: The price of gold rose on Monday, taking the metal around $ 16 and registering the highest level in more than 6 years as its appeal as a safe haven increased.
Precious metal value gains are part of the context of the escalating US-China trade and concern over the growth of the economy. World.
The duties would force the US central bank to reduce the number of deposits it hoped to protect the US economy from the dangers of trade policy.
Last week, the Federal Reserve made its first interest rate cut since the global financial crisis, which reached 25 basis points, with rates ranging from 2 to 2.25%.
Adding to the gloomy outlook for the global economy, China's services sector continued to decline at its slowest pace in nearly five months in July, according to data released today.
Gold was also supported by losses on the equity markets, as Japan's Nikkei closed at its lowest level in two months and European stock markets lost more than 1% in the beginning.
At the same time, the yellow metal benefited from the decline of the greenback, the dollar index reaching its lowest level in a week making gold cheaper for investors.
At 7:30 am GMT, the price of gold futures for December delivery rose 0.8%, or $ 11.10, to $ 1,468.60 an ounce.
The spot gold metal delivery price rose more than 1.1%, or $ 16.07 to 7:40 GMT, to $ 1,077.12 an ounce, its highest level since May 2013 .
During the same period, the main dollar index, which followed the performance of the US dollar against the six major currencies, fell by 0.1% to 97,972.
Direct (economy)
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