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After falling $ 17 or 0.5 per cent to $ $ 3,292.30 during the Thursday season, gold grew $ 71.30 or 2.2 per cent to $ 3,363.60 per ounce for May delivery. With an increase, the price of gold for the week increased by 5.7 percent.
After President Donald Trump threatened to impose 50 percent tariff on imports from the European Union starting on 1 June, precious metal benefited from its appeal as a safe shelter.
Trump claimed in a post on Truth Social that the European Union “is very difficult to deal with and said that the business talks with the block” is going anywhere! “
In a different truth social, Trump also threatened to put 25 percent tariff on Apple (AAPL) iPhones, which are not built in Apple’s US shares, after the news, Apple’s US stocks have declined by 2.2 percent.
Trump’s dangers have renewed trade concerns, which had reduced considerably in recent weeks after reaching the trade deals with the UK and China.
The US dollar also led to a sharp increase in gold between a recession, with a US dollar slip up to 0.8 percent.
On the US Economic Front, the Department of Commerce released a report showing new home sales in the US in the month of April compared to a much lower modified level in March.
The report stated that the new house sales increased by 10.9 percent at an annual rate of 743,000 in April, which after jumping up to 2.6 percent from below 670,000 in March.
Economists had expected the sale of new homes that for the last month, it was originally tumbled at the rate of 724,000 to 692,000 at the rate of 4.4 percent at the rate of 692,000.
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