Gold prices rose early Tuesday in Asia, taking back lost ground from the previous session.
Gold futures gained 0.27% to $1,739.35 per ounce at 12:43 AM ET (5:43 AM GMT). Stocks, which often move in the opposite direction, also rallied on the same day.
Investors flocked to the yellow metal amid rising trade tensions between the U.S. and China, where the NASDAQ stock exchange are set to implement new restrictions on Chinese IPOs.
U.S. officials have also been focusing on enticing American companies to move operations and key suppliers out of China with proposals of tax breaks, new regulations, and subsidies.
Investors’ risk sentiment also increased after U.S.-based biotech company Moderna reported promising results on Monday from its first phase of trials for a potential COVID-19 vaccine. Moderna showed that all its 45 participants had developed antibodies to the virus after two doses.
Gold has risen by nearly 14% this year, as central banks pledged massive waves of financial stimuli and rate cuts in order to put a floor under a plunging economy due to the pandemic.
On Friday, the Chinese technology company ByteDance said that it would consider listing its domestic businesses in Hong Kong or Shanghai due to rising Sino-U.S. tensions. The company's standalone listing in Hong Kong or Shanghai might value ...
Oil traded higher on Friday, further reclaiming lost ground from three-week lows in the previous session as the COVID-19 situation continued to dent the global economy as well as oil consumption. Brent crude gained 0.3%, trading at $43.08 ...
European shares traded lower earlier on Thursday after underwhelming earnings reports dampened a U.S. Fed vow to continue rolling out stimulus plans in a bid to soften the economic blow of the COVID-19 pandemic. The pan-European STOXX lost ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
European stocks traded slightly higher on Tuesday ahead of a U.S. decision to roll out additional stimulus plans despite the underwhelming quarterly earnings reports from the luxury goods market. The pan-European STOXX index inched higher ...