Gold rises as U.S. sanctions bill passes against China
Gold is rising this morning - as of 10:30, quotations on the Comex exchange rose by 0.6% to $1719.30 per troy ounce. Prices support deterioration of relations between the U.S. and China due to security issues in Hong Kong, which encourages investors to acquire safe assets. Gold is traditionally regarded as the latter. Yesterday, Congress approved a bill that sanctions China for violating the rights of ethnic and religious minorities (including Uighurs). The U.S. House of Representatives adopted the document in a vote, which was previously approved by the Senate. It is now expected to be signed by United States President Donald Trump. The author of the bill is Marc Rubio, a member of Congress and a member of the Republican Party. According to National Australia Bank economist John Sharma, now the cost of gold will be supported by the U.S. response to events related to security in Hong Kong, as well as the difficult economic situation in the world and reduced interest rates.