Gold prices extended their gains during Friday's trading, bringing the metal up by about $ 30 following US President Donald Trump's statements, escalating the trade war with China.
In a series of tweets, Trump called on US companies to find alternatives to China, hours after Beijing pledged to impose tariffs on US goods.
China announced today its intention to impose tariffs against $ 75 billion worth of US goods, in response to a similar decision by the states.
The Fed chairman Jerome Powell pledged to take all necessary measures to maintain economic expansion in the United States, noting that the reserve system is monitoring trade developments and their impact on the economic outlook.
Earlier today, Gold has fallen after remarks by Fed officials supporting a non-rate cut again.
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President Donald Trump Tweets for US companies[/caption]
Esther George, president of the Kansas City Federal Reserve, said yesterday that there was no need to cut interest rates last month.
President of the Federal Reserve Bank of Dallas Robert Kaplan said that more stimulus measures should be avoided. "There was no need to cut interest rates last month," he added.
As for today's economic data, US new home sales fell sharply over the past month, pushing gold futures for December delivery to rise 1.9 percent or $ 28.30 ($ 1,536.30 an ounce).
The price of spot delivery for the yellow metal rose by 2.04 percent or to $ 30.55 to reach $ 1528.61 an ounce.
During that period, the dollar index, which tracks the currency's performance against six other major currencies, dropped 0.4 percent at 97.739.
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