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Gold Prices Rise as Trade War, Brexit Fears Attract Safe-Haven Demand

Investing.com - Gold prices rose on Wednesday in Asia as uncertainties surrounding the Sino-U.S. trade war and gloomy Brexit headlines dented investor sentiment.

U.S. gold futures for December delivery gained 0.5% to $1,511.83 by 1:00 AM ET (05:00 GMT).

A South China Morning Post report said on Tuesday that China had toned down expectations ahead of high-level trade talks between the two countries. The report said the Chinese delegation could depart Washington a day earlier than scheduled.

China also signalled it would hit back after U.S. blacklisted a list of Chinese tech companies to address human rights violations within China.

“The Chinese government has instituted a highly repressive campaign against Uighurs, ethnic Kazakhs, Kyrgyz, and other members of Muslim minority groups,” U.S. Secretary of State Michael Pompeo said in a statement Tuesday. “The United States calls on the People’s Republic of China to immediately end its campaign of repression in Xinjiang.”

Asked Tuesday whether China would retaliate over the blacklist, foreign ministry spokesman Geng Shuang told reporters: “Stay tuned.” He also denied that Beijing was guilty of human rights abuse in the far west region of Xinjiang.

Reports today said Washington also imposed visa bans on some Chinese officials.

On the Brexit front, Bloomberg reported that German Chancellor Angela Merkel told U.K. Prime Minister Boris Johnson that Northern Ireland has to remain part of the customs union in any deal, which Johnson said has paved the way for a no-deal Brexit.

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