Investing.com – Gold prices were marginally higher Monday morning in Asia as new tariffs kicked in in both the U.S. and China, marking the next step in the ongoing trade dispute between the two largest economies in the world.
traded on the Comex division of New York Mercantile Exchange were up 0.2 6 % to $ 1.53 3 . 40 a troy ounce by 1 0 : 5 5 P M ET (0 2 : 5 5 GMT).
Over the weekend, tariffs of 15% on USD110 billion worth of Chinese imports took effect as did tariffs of between 5% and 10% on a range of U.S. goods.
Still, continued talks between the U.S. and China appear to be on track for September with several months before more tariffs on both side with such effect in December.
Meanwhile, China's economy remains under pressure. The official (PMI) for August, released on Saturday came in lower than expected at 49.5 down from 49.7 in July.
However, the released Monday morning, recorded an increase to 50.4 in August up from 49.9 in July. In both cases, a reading above 50 signals expansion.
Gains on gold remained subdued as the US dollar gained recovered some lost ground over the past few days . During Monday morning in Asia, the that tracked the greenback against a basket of currencies was marginally lower down 0.08% to 98.83.
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