Tensions between China and the U.S. push gold higher and encourage safe haven buying

Gold futures closed higher Tuesday (Aug. 2) as investors bought gold as a safe haven amid concerns of a military confrontation between China and the United States. Nancy Pelosi, Speaker of the U.S. House of Representatives, is visiting Taiwan.

  • The gold contract was up $2, or 0.11%, at $1,789.7 per ounce.
  • Silver was down 22.3 cents, or 1.1%, at $20.139 an ounce.
  • The platinum contract was up $3.4, or 0.38%, to close at $905 an ounce.
  • Palladium fell $109.20, or 5 percent, at $2,090.20 an ounce.

Ms. Pelosi arrived in Taiwan late Tuesday night, prompting China’s displeasure. The Chinese Foreign Ministry issued a statement condemning the United States. The statement said Pelosi’s visit to Taiwan violates the one-China principle. This will affect the basic political relations between China and the United States and violate China’s sovereignty and territorial integrity. It also undermines stability and peace in the Taiwan Strait.

On the American side, the U.S. military had initially opposed Pelosi’s visit to Taiwan. But the latest reports show that they are ready to escort Mrs. Pelosi’s plane. Numerous fighter planes, warships and aircraft carriers have been dispatched to the vicinity of Taiwan.

Many feared that Pelosi’s visit to Taiwan would provoke China and trigger a military confrontation between China and the United States.

The Spot Market is Open

Wednesday, August 3, 2022

Metals
Updated at
USD
Bid/Ask
Ounce
Change

Low/High
Gold
11.20
1,769.00
1,770.00
+8.80
+0.50%
1,755.00
1,770.80
Silver
11.20
20.01
20.11
+0.05
+0.25%
19.78
20.11
Platinum
11.20
900.00
910.00
+6.00
+0.67%
887.00
911.00
Palladium
11.00
2,014.00
2,164.00
+27.00
+1.36%
1,977.00
2,171.00
Rhodium
05.00
14,100.00
16,100.00
0.00
0.00%
14,100.00
16,100.00

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