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anglo pacific group plc

Gold gains as U.S.-China tensions lift safe-haven demand

Gold prices rose on Friday, following a sharp decline in the previous session, as escalating trade tensions between the United States and China lifted bullion’s safe-haven appeal, though a stronger dollar kept gains in check.

Spot gold was up 0.5% at $1,733.58 per ounce by 0951 GMT, having slipped 1.4% on Thursday. U.S. gold futures rose 0.8% to $1,736.

“Given the fact that most of the equity markets and other commodities are under pressure right now, the uncertainty around the situation in China and the trade relationship with the U.S. is helping gold,” said Commerzbank analyst Eugen Weinberg.

U.S.-China tensions have risen in the past few weeks over the source of the coronavirus pandemic, and China’s proposal to impose security laws on Hong Kong has prompted a strong warning from U.S. President Donald Trump.

Anglo Pacific Group plc (LON:APF) has a 2.5% life of mine NSR royalty on the El Valle-Boinàs/Carlés gold, copper and silver mine owned by TSX-listed Orvana Minerals Corp.