Gold tramples reports on imminent new Chinese tariffs

BENGALURU: Gold prices changed little on Monday morning, after falling 0.6% in the previous session, as investors remain cautious about statements that the US would impose a new series of tariffs on Chinese imports.

Spot gold was stable at $ 1,193 an ounce from 0039 GMT.

The bullion fell last week for a third week in a row.

US gold futures declined 0.2% to $ 1,198.20.

US President Donald Trump is expected to announce new tariffs of about $ 200 billion on Chinese imports as early as Monday, a senior government official told Reuters.

The tariff rate will probably be around 10%, the Wall Street Journal reported, below the 25% considered by the administration.

The WSJ also said Beijing may refuse to participate in trade negotiations with the United States later this month if Trump 's administration moved ahead with tariffs.

The dollar index was firm at 94.951, after bouncing more than six weeks, to 94.359 last week.

Gold prices fell about 12.6% from April, due to the intensification of global trade tensions and pressure from rising oil prices. American interests.

The multi-month trade gap between Washington and Beijing has prompted investors to buy the US dollar, believing the US has less to lose from the conflict.

Hedge funds and fund managers reduced their short net position on COMEX gold contracts in the week before September 11, Friday's data from the Commodity Futures Trading Commission (CFTC) showed.

The purchase of physical gold fell in major Asian centers last week as bullion prices rebounded after recent lows, with Indian dealers offering discounted metal for the first time in more than a month.

In August, India's gold imports rose 92.62 percent to $ 3.64 billion, according to data from the Ministry of Commerce.

The Prime Minister of the Democratic Republic of Congo will sign a decree in the coming days to designate cobalt and other minerals as "strategic" and therefore subject to higher royalties, said Saturday Minister of Mines Martin Kabwelulu .

The increase in risk aversion led to the largest outflows in 11 weeks of global equities and emerging market debt over the past week, alongside a sharp increase in cash allocations.

Canadian miner RNC Minerals recovered a 43 kg specimen containing approximately 1,100 ounces of gold and a second 7 kg specimen containing 190 ounces of the Beta Hunt mine in Australia.