Monday, 17 September 2018

Gold Prices, Dollar Slips as New China Tariffs Imminent-SapForex24

Gold prices and the U.S. dollar both slipped on Monday as the United States is set impose a new round of tariffs on Chinese imports.

Gold futures for December delivery were down 0.14% to $1,199.4 per troy ounce at 12:50AM ET (04:50 GMT) on the Comex division of the New York Mercantile Exchange.

Reports on the weekend suggested that U.S. President Donald Trump wants to move forward with tariffs on $200 billion in Chinese goods.

The tariff level will probably be about 10%, the Wall Street Journal reported, quoting people familiar with the matter. This is below the 25% the administration said it was considering for this possible round of tariffs.

The U.S. Dollar Index, which tracks the greenback against a basket of other currencies, traded 0.04% lower to 94.47.

Asian equities also traded mostly lower on the tariffs news, with China’s Shanghai Composite, the Shenzhen Composite and Hong Kong’s Hang Seng Index all fell more than 1%.

Looking ahead, the U.S. Commerce Department is set to publish a report on building permits and housing starts for August at on Wednesday.

The data is expected to show that permits dipped 0.1% slightly to 1.310 million last month, while housing starts are forecast to show a gain of 5.8% to 1.240 million.

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