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US-CHINA TRADE TENSIONS
Negotiators from the United States and China have reached a tentative agreement to loosen China’s restrictions on rare earth minerals, a critical component for industries such as defense, automotive manufacturing, and technology.
America’s S&P 500 index broke its three-week winning streak yesterday.
Spot gold, which monitors real-time trades in bullion, plunged by 1.75%, to close at $1,684.21.
Gold futures fell 1.70% to $1,706.06 by 4 pm local time, with global investors retreating from the pullback from gold after hopes were strengthened
The U.S dollar index that tracks the American dollar against a basket of other major currencies was down 0.67% to 99.22 by 12 noon Nigerian time on Tuesday.
The rising tension between the US and China is weighing on the global markets. For political reasons, the leadership of each country is blaming the other for the coronavirus pandemic.
The International Energy Agency (IEA) has disclosed that the global oil demand growth will remain subdued due to the trade disputes between the United States of America and China.