PRECIOUS-Gold edges lower as Sino-U.S. trade uncertainty dents yuan [Reuters]
OVERSEAS CHINSE UNSP/ADR (OVCHY)
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Source: Reuters
PRECIOUS-Gold edges lower as Sino-U.S. trade uncertainty dents yuan - Reuters 3 Min Read * SPDR Gold falls 0.9 pct on Friday * Speculators raise net longs in COMEX gold (Adds comments, detail and updates prices) By Sethuraman N R May 13 (Reuters) - Gold prices dipped on Monday as Sino-U.S. trade tensions and uncertainty over a deal weighed on yuan, making the bullion expensive for buyers in world’s largest consumer - China. Spot gold was down 0.2% at $1,283.46 per ounce, as of 0351 GMT. U.S. gold futures slipped 0.2% to $1,284.40 an ounce. “Gold price in yuan has risen fairly sharply since early May and Shanghai premiums are softening. That is probably taking the edge off demand and maybe inducing some people to offer (sell) gold,” said Nicholas Frappell, global general manager, ABC Bullion. The trade war between the world’s two leading economies escalated on Friday, with the United States hiking tariffs on $200 billion worth of Chinese goods after Trump said Beijing “broke the deal”
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