Gold Steady, Tensions Dominate

Gold prices are witnessing stability on Tuesday near the levels of $ 1975 an ounce, after setting a new record yesterday at $ 1984.88 an ounce, while tensions between the United States and China continue alongside the statements issued by US President Trump.

The US President accused the Tik Tok application on charges indicating his danger to national security and announced a 45-day deadline for Tik Tok heads to negotiate Microsoft’s acquisition of the Tik Tok.

 In the event that the agreement between Microsoft and the company that owns the application, Bytedance, fails, the President of the United States may ban the application within the United States, indicating further tensions between the United States and China.

 China had issued a warning to the United States about the decision to stop renewing visas of Chinese journalists residing In the United States and if the United States implements this decision, China will target American journalists in Hong Kong.

All this comes with ongoing concerns about the increasing number of cases of Covid 19, especially in the United States, as well as the emergence of new cases in the Philippines, the rise of cases in Japan, and warnings about the second wave of the panademic all over the world.

The US dollar index was trading 0.15% lower near 93.36 and trying to recover from last week’s lows at 92.55. On the other hand, gold prices continue near $ 1975 an ounce, while futures contracts rise 0.30% or $ 5.80 to $ 1980.50 an ounce.