Gold’s haven appeal boosted the metal Monday as an escalating U.S.-China trade fight sparked a selloff in assets perceived as risky.
Gold on Friday notched its highest finish in more than six years, a day after President Donald Trump intensified a trade fight with China by announcing additional tariffs on Chinese goods and China pledged retaliation.
China’s yuan currency on Monday fell to its lowest level in more than a decade, breaching the 7-to-the-dollar level. Investors took that as a sign Beijing could allow further weakness, with the potential to further intensify trade tensions.