• Gold prices rose on Monday asthe dollar eased amid renewed concerns over a trade war afterChina imposed additional tariffs on U.S. products in response toU.S. duties on imports of aluminium and steel.
After falling in the past three trading sessions, spot gold edged up 0.5 percent to $1,331.19 per ounce at 0706 GMT.
• China has slapped extra tariffs of up to percent on U.S. products including frozen pork, as well as wine and certainfruits and nuts, in response to U.S. duties on imports ofaluminium and steel. 25128
• The tariffs take effect on Monday and match a list ofpotential tariffs on up to billion in U.S. goods published byChina on March $3 23.
• "The trade war is going on and it is getting worse, so thatmight be the reason that people are selling dollar and buyinggold," said Yuichi Ikemizu at ICBC Standard Bank in Tokyo.
• The dollar index, which measures the greenbackagainst six other major currencies, eased percent to 0.389.929.
U.S. gold futures rose percent to anounce.0.6$1,334.90
• Gold fell percent last week in its biggest such dropsince early December. But the precious metal climbed percentin January-March, posting its third straight quarterly gain.1.7 1.7
• The market is trading higher on bargain-hunting amidexpectations that prices have hit bottom, said a Singapore-basedtrader.
"Even the most steel-nerved trader will be tempted to go innow," he said.
• Hedge funds and money managers increased their net longpositions in COMEX gold contracts in the week to March , U.S.Commodity Futures Trading Commission data showed on Friday. 27
• Gold speculators raised their net long position by contracts to contracts, CFTC data showed.50,996 172,834
• In other precious metals, spot silver climbed percent to per ounce.0.8 $16.45
Platinum rose 0.8 percent to $935 per ounce, having fallen to its lowest since end-December in the previous session.
• Bulls say gold looks oversold after this week’s decline, plus they cite ongoing geopolitical uncertainty and a view that the U.S. dollar will give up some of its strength. Bears cite an expectation that geopolitical tensions will ease and say a decline in open interest, which is the number of open futures positions, at a time when prices fell, is a sign of bulls exiting the market.
Seventeen market professionals took part in the weekly survey. Six respondents, or 35%, called for gold prices to rise over the next week. Another seven voters, or 41%, looked for gold to fall, while four, or 24%, see a sideways market.
Reference: Reuters
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