Gold prices rose to their highest in more than a week on Wednesday as renewed worries over U.S.-China trade dispute and its potential impact on global growth dented risk sentiment, stoking investors towards safe-haven assets.
Brent oil may retrace into a range of $69.81-$70.47 per barrel, as it failed to break a resistance at $71.84. The resistance is identified as the 14.6 percent retracement of the uptrend from the December 26, 2018 low of $49.93 to the April 25 high of $75.60.
Gold prices rose on Tuesday as U.S. President Donald Trump’s threat to hike tariffs on Chinese imports re-kindled trade tensions between the two countries and pushed investors to seek insurance in safe-haven assets.
Oil prices were under pressure on Tuesday from concerns the escalating United States (US)-Iran trade dispute could slow the global economy, while US sanctions on crude exporters Iran and Venezuela helped keep the market on edge.
Gold prices climbed on Monday after U.S. President Donald Trump threatened to raise tariffs on Chinese goods, escalating Sino-U.S. trade tensions, which prompted risk-off sentiment and boosted safe-haven assets.
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