Gold prices gained ground this morning during the Asian trading hours amid continuing political unrest in Hong Kong and many issues in regards to the Sino-U.S. trade war.
Now, the precious metal trades at $1522.59, which is an addition of $11.22 or 0.74% from the previous close of 1511.37. The daily range is from 1509.46 to 1524.62, while the trading volume is 105.072K.
The tensions in Hong Kong resulted in the city’s airport to cancel all flights on Monday. Simultaneously, Beijing stated that the current protests in Hong Kong are at a “critical juncture” and the violence needs to stop.
Moreover, the central bank of China, the People’s Bank of China decreased its official yuan midpoint for the ninth straight day to 7.0326 per USD.
The yuan had become a focal point since last week when Beijing allowed the currency to fall below 7 per USD.
Furthermore, later this week, the Fed is expected to provide some insights on its policies on the interest rates.