No trade war yet as gold pulls back

EQUITIES rebounded in New York as fears over a US-China trade war subsided, however, gold dropped to $1328.50 an ounce.

  • Staff Reporter
  • 06 April 2018
  • 10:06
  • News
No trade war yet as gold pulls back

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According to the World Gold Council, gold-backed exchange traded funds collectively held 2415 tonnes ($102.8b billion) at the end of March after adding 22.5t ($1 billion) during the month.
 
RBC Capital Markets said it remained positive on precious metals due to "geopolitical risks remaining elevated, unpredictable policy changes, rising market volatility, and growing inflation expectations".
 
RBC was also "constructive" on base metals, but flagged volatility. 
 
Copper and nickel were positive movers overnight, rising by just over 1.3% each.
 
After cobalt's price dip on Wednesday, it rebounded by 2.2% to $91,050 per tonne. 
 
Crude oil decreased by 0.06% trading at $63.26 a barrel.
 
Softer commodities were up, with coffee increasing by 0.56% to $117.55 a pound and cocoa up 1.33% to $2,508 per tonne.

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