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“The price of gold is up around 4% since last FOMC decision ... and today's move is being fueled by a ratcheting up of trade tensions between the US and China which has sparked a global risk-off move. US President Donald Trump turned up the pressure on China last week by slapping a 10% tariff on $300 billion of Chinese imports, in addition to the 25% on $250 billion of Chinese goods already in effect. In retaliation, China has let USDCN weaken above 7.00, to counteract the tariffs, a move that will infuriate the US and may bring further punitive action.”
