MTECHTIPS;-Global gold prices gain as trade war fears weigh ondollar,

MTECHTIPS;-Global gold prices gain as trade war fears weigh on dollar, equities

MTECHTIPS-Gold prices inched up on Wednesday to their highest in a week as the dollar weakened and equities dropped after US President Donald Trump said he would push ahead with punitive tariffs on imports, rekindling fears of a potential trade war. Spot gold rose 0.1% to $1,335.02 per ounce by 8.44am, having hit $1,340.42 an ounce earlier in the session, its highest since 26 February. US gold futures for April delivery rose 0.1% to $1,336.30 per ounce. “Volatility in risk assets, and concerns around the implications of Trump’s tariff rhetoric has helped propel gold higher,” said Jordan Eliseo, chief economist at gold trader ABC Bullion. Global stocks and the dollar fell after a key advocate for free trade and Trump’s top economic adviser, Gary Cohn, resigned after the president said he was sticking with plans to impose tariffs on imports, which some critics have dubbed the first shot in a global trade war. Last Thursday, Trump had said a plan for tariffs of 25% on steel imports and 10% on aluminium products would be formally announced this week. Traders fear the departure of Cohn, a former Wall Street banker, would embolden protectionist forces in the US administration as Trump tries to impose hefty tariffs

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