Gold rises to its peak in more than 6 years amid demand for safe havens

Gold bars in Munich. Reuters

Arabic and International

Economy News – Baghdad

Gold prices rose to a new high in more than six years on Monday, as global stocks were hit by the latest round of tolls between the United States and China in their year-long trade war, which boosted demand for safe assets.

Spot gold rose 1 percent to $ 1,541.30 an ounce by 0619 GMT, after touching its highest level since April 2013 at $ 1554.56 an ounce.

US gold futures rose 0.9 percent to $ 1,551.80 an ounce.

US President Donald Trump on Friday announced a 5 percent surcharge on targeted Chinese goods worth $ 550 billion, hours after Beijing announced a $ 75 billion retaliation charge on US products.

Stock markets fell as US stocks fell on Friday, followed by Asian stocks on Monday.

Among other precious metals, silver rose 1.2 percent in spot trade to $ 17.60 an ounce, while platinum rose 0.8 percent to $ 860.

Palladium rose 0.7 percent to $ 1,470.54 an ounce.

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