3/8, 8:33 AM (Source: TeleTrader)
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Gold, silver gain as China shows tariffs impact

Stocks in Asia fell on Friday and European exchanges were seen starting with substantial losses, while there was little information from the trade talks between China and the United States and the United Kingdom's attempt to strike a deal for its departure from the European Union. Traders flocked to gold and silver as the conventional safe havens after the equity selloff was enhanced by a fall of nearly 21% in exports from the most populous nation last month on an annual basis in dollar terms.

Imports slumped 5.2%, also indicating damage from the trade war with the US, but some cyclical factors as well, together with consequences of efforts by the authorities to curb shadow banking. Yesterday the European Central Bank acknowledged a slowdown in economic growth and offered more stimulus for banks.

The yellow metal advanced 0.55% to $1,293 per ounce at 8:31 am CET. It held above $1,300 since late January until March 1. Silver gained 0.47% to $15.1 for one troy ounce. Platinum, which is used in industrial production, lagged with a rise of 0.24% to $816.27 and its sister metal palladium fell 0.62% to $1,519.1.

Breaking the News / IT