Gold prices end lower on growing tensions between the U.S and China over Hong Kong
Thursday, 28 May 2020 01:18 WIB | PRECIOUS METALS |GOLDEMAS

Gold futures ended lower Wednesday, but of session lows as tensions between the U.S. and China worsened after Secretary of State Mike Pompeo announced that Hong Kong is no longer autonomous from China.

The announcement could lead the Trump Administration to revoke special treatment for the Hong Kong economy, which is exempt from tariffs levied on Chinese imports. Jeff Wright, executive vice president of GoldMining Inc., had expected to see a "snap back" in prices with U.S.-China tensions rising. He also told MarketWatch that he's "anticipating more bad economic data in coming days," which will boost haven demand for gold.

August gold declined by $1.40, or 0.08%, to settle at $1,726.80 an ounce, after trading as low as $1,701.60.

Source: Marketwatch

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