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Gold prices sharply up as U.S.-China trade war escalates; U.S. dollar backs off; traders unnerved

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Live 24 hours gold chart [Kitco Inc.]

(Kitco News) - Gold prices are scoring gains of over $24 an ounce in late-morning trading Friday. It appears the U.S.-China trade war has kicked into a higher gear after China announced new trade tariffs on the U.S., while President Trump retaliated in a series of threatening tweets that included one demand that U.S. businesses stop doing business with China. Trump also asked in a tweet who was the bigger enemy: China's President Xi or the Federal Reserve. All of this has unnerved the marketplace heading into the weekend. And all of this is bullish for safe-haven gold. December gold was last up $23.60 at $1,532.10.

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