{"id":1185999,"date":"2020-05-22T12:26:42","date_gmt":"2020-05-22T17:26:42","guid":{"rendered":"https:\/\/www.mining.com\/?p=1024731"},"modified":"2020-05-22T12:26:42","modified_gmt":"2020-05-22T17:26:42","slug":"gold-price-up-as-us-china-tension-builds","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1185999","title":{"rendered":"Gold price up as US-China tension builds"},"content":{"rendered":"<p>Gold rebounded on Friday as ongoing concerns with the economic fallout of the covid-19 pandemic were compounded by fears of rising political tensions between China and the US.<\/p>\n<div class='ad-slot' id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {    googletag.display('div-gpt-ad-1561499308230-0');    googletag.pubads().addEventListener('slotRenderEnded', function (event) {        if (event.isEmpty) {            var id = event.slot.getSlotElementId();            var x = document.getElementById(id);            if(x == null) return;            if (x.parentElement.classList.contains('ad-slot')) {                x.parentElement.style.display = 'none';            }\t\t\t\t        }    });});<\/script><\/div>\n<p>Spot gold rose 0.4% to $1,733.55 per ounce by 12:20 pm EST Friday, after falling 1.4% in the previous trading day. Gold futures rose 0.8% to $1,736.20.<\/p>\n<p>On Thursday, the Chinese government <a aria-label=\"announced its intention (opens in a new tab)\" href=\"https:\/\/mercury.bloomberg.com\/news\/QAQ6WFDWX2PW\"  rel=\"noreferrer noopener\">announced its intention<\/a> to impose a national security law that criminalizes political dissent on the city of Hong Kong, which could fuel further protests and escalate the ongoing US-China spat over the source of the coronavirus.<\/p>\n<p>US senators later responded by <a aria-label=\"introducing a bipartisan bill (opens in a new tab)\" href=\"https:\/\/www.vanhollen.senate.gov\/news\/press-releases\/van-hollen-toomey-introduce-sanctions-bill-to-defend-hong-kongs-autonomy\"  rel=\"noreferrer noopener\">introducing a bipartisan bill<\/a> that would sanction Chinese officials and organizations who enforce the new security measures on Hong Kong. The bill came just one day after the <a href=\"https:\/\/ca.finance.yahoo.com\/news\/congress-moves-to-delist-chinese-companies-from-us-stock-exchanges-204831805.html\">Senate passed a bill<\/a> that would make it more difficult for Chinese-based companies to list on US stock exchanges.<\/p>\n<p>Amid the growing political and economic uncertainties, bullion &#8212; often considered an insurance under such circumstances &#8212; surged to a fresh <a aria-label=\"seven-year high (opens in a new tab)\" href=\"https:\/\/www.mining.com\/gold-price-jumps-to-new-7-year-high-over-fed-warnings\/\"  rel=\"noreferrer noopener\">seven-year high<\/a> earlier this week.<\/p>\n<p>\u201cChina\u2019s aggressive stance on Hong Kong security could exacerbate already tense relations (with US) and a possible confrontation between US warships and Iranian freighters headed for Venezuela are key concerns heading into the long weekend, prompting investor buying,\u201d Tai Wong, head of base and precious metals derivatives trading at BMO, <a aria-label=\"told CNBC (opens in a new tab)\" href=\"https:\/\/www.cnbc.com\/2020\/05\/22\/gold-markets-us-china-relations-in-focus.html\"  rel=\"noreferrer noopener\">told CNBC<\/a>.<\/p>\n<p>Gold has held its ground above the key $1,700 per ounce level, building impetus to reach its 2011 peak in the coming quarters, <a aria-label=\"Fitch Solutions said (opens in a new tab)\" href=\"https:\/\/in.reuters.com\/article\/global-precious\/gold-gains-as-us-china-tensions-boost-safe-haven-demand-idINKBN22Y0GD\"  rel=\"noreferrer noopener\">Fitch Solutions said<\/a> in a note. <\/p>\n<p>&#8220;Lower-for-longer interest rates with quantitative easing in full swing, macro and geopolitical uncertainty and strong investor flows should continue to support gold prices on a 6-12 month horizon,&#8221; Fitch added.<\/p>\n<p>Meanwhile, physical gold demand picked in top Asian hubs this week as economies eased lockdown measures and investors continued to buy gold as a hedge against a deteriorating economic backdrop.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold rebounded on Friday as ongoing concerns with the economic fallout of the covid-19 pandemic were compounded by fears of rising political [&hellip;]<\/p>\n","protected":false},"author":88,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185999"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/88"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1185999"}],"version-history":[{"count":5,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185999\/revisions"}],"predecessor-version":[{"id":1186075,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1185999\/revisions\/1186075"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1185999"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1185999"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1185999"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}