News Commodity Market News

Gold steady near $1350/oz as geopolitical risks loom

16-Apr-2018

COMEX gold trades mixed near $1350/oz as market players assess geopolitical risk and US-China trade conflict.

The United States, France and Britain launched 105 missiles on Saturday, targeting three chemical weapons facilities in Syria in retaliation for a suspected poison gas attack in Douma on April 7.

Market reaction is subdued as the strike was seen as a one off event. Also US targeted only Syrian chemical weapon facilities and no other interests were hit.

However, uncertainty persists as market players await Russia’s reaction to the strike. Russia warned that the allies' intervention "will not be left without consequences".

Meanwhile, the US is planning to impose more sanction on Russia for its support of Syria. Tensions between US and Russia are already high after US imposed sanctions on Russian companies and individuals earlier this month.

Geopolitical risks pushed US-China trade conflict to sidelines however uncertainty persists. US President Trump said last week that the two countries may not end up levying new tariffs on each other following conciliatory remarks from China. China's commerce Ministry on Thursday said trade negotiations with the US would be impossible as Washington's attempts at dialogue were not sincere.

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