8/13, 7:56 AM (Source: TeleTrader)
more TeleTrader news

Precious metals jump as Hong Kong risk rises

Gold peaked once more on Tuesday at the strongest level in six years and four months and silver surged with investors rushing to preserve value. Markets were rattled by the ongoing trade war between the United States and China and the impact on the economy. In Hong Kong, the dispute about the now failed extradition agreement with the government in Beijing grew into everyday clashes with the police over general matters.

China is hinting at intervening with troops amassed near the autonomous territory, which could worsen further the relations with the US and other Western powers. At the same time, stocks are taking a beating worldwide on an economic slowdown and central banks are racing to provide stimulus and currencies are suffering. Of note, Argentina's markets and currency crashed yesterday after President Mauricio Macri lost a primary election with a wide margin.

Gold advanced 0.56% at 7:53 am CET to $1,520.13 per ounce. It is nearing a record high in euros. Silver soared 1.67% to $17.35 after touching $17.38 for the first time since February 1 of last year. Platinum gained 0.53% to $862.43 and palladium rose 0.62% to $1,440.06 for one troy ounce.

Breaking the News / IT