Hot Commodities: Gold Up In A Flash, Global Trade Wars Continue As China Slaps Fresh Tariffs

COMEX Gold futures gained in a hushed manner today as fresh worries regarding global trade wars pushed up the safe haven buying for the metal. China plans new tariffs on 106 US products, according to media reports. Chinese officials said Wednesday that they plan to impose tariffs of up to 25% on American imports such as soybeans and cars. Equities came in steep selling pressure following this with the US equity indices futures witnessing heavy losses after the news. COMEX Gold gained quickly as a result, rallying nearly ten dollars within an hour. The metal currently trades at $ 1347 per ounce, up 0.77% on the day. MCX Gold futures also broke above Rs 31000 mark and currently trade at Rs 31004 per 10 grams, up 0.87% on the day.