Gold Hangs Tough Pre-Labor Day

Gold Hangs Tough Pre-Labor Day

After pogoing back and forth above and below $1,200 this week, it appears Gold hangs tough pre-Labor Day.

Gold has reclaimed some of its safe haven shine, in light of the latest salvos out of the White House. Concerns about another ramping up of the U.S.-China trade war are climbing. According to Bloomberg, White House aides were told President Trump is preparing to impose $200 billion more in tariffs on Chinese imports. Bloomberg reports these plans have had “significant impact,” with the resulting weaker dollar giving gold a boost.

Also, today is the deadline set for Canada to decide if they will join in the new overhauled NAFTA agreement.

Finally, gold is getting a lift from lingering concerns over the fragile secondary currency markets.

As we end the trading month and head into the last big holiday weekend of summer, expect a quiet afternoon after Europe shuts down for the week.

At the time of this post, December Comex gold futures were up $4.30 an ounce at $1209.30 and December Comex silver was up $0.041 at $14.63 an ounce.

Have a safe and happy holiday weekend.

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