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Gold Prices Jump After President Trump Announces New 10% Tariff On China

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(Kitco News) - The gold market is seeing some renewed interest and is close to unchanged on the day as President Donald Trump fires another salvo in the U.S. trade war with China.

In a twitter post, Trump said that the government will impose a 10% tariff on the remaining $300 billion in imported goods from China. This is on top of the 25% tariffs on $250 of imported goods.

Gold price were in solidly negative territory but has cut its losses in initial reaction to the tweets. December gold futures last traded at $1,441.20 an ounce, relatively unchanged on the day.

Before Trump’s announcement investors selling gold, reacting with disappointment from a less dovish Federal Reserve following Wednesday’s monetary policy meeting, which saw the first rate cut in a decade. However, some analysts have warned that investors should look past U.S. interest rates and keep an eye on the fragile global economy facing renewed trade war tensions.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.