Gold Jumps vs Euro, Hits New Record Over Platinum as Trump-China Trade War Worsens
Bullion.Directory precious metals analysis 4 April, 2018
By Adrian Ash
Head of Research at Bullion Vault
As Wall Street futures pointed sharply lower, led by US automakers after China announced retaliatory tariffs following the Trump White House’s latest move on trade, the gold price in Dollars erased the final $2 of last week’s $20 loss, touched $1347 per ounce.
Gold rose faster still for non-US investors however as the Dollar rallied on the FX market, jumping to €1097 per ounce for Euro investors – its highest level since late-January – with a 2.0% rise for the week so far.
The UK gold price in Pounds per ounce meantime added 1.5% from Easter weekend to trade at £960, its highest level in a month.
Silver prices fell back against the Dollar however, cutting this weel’s rally to 0.7% at $16.48 per ounce.
That took the Gold/Silver Ratio up to 81.6 by lunchtime in London, the highest reading for gold’s value relative to silver since March 2016 and less than 3% below the highest reading of the last two decades.
That was set at 83.8 amid the financial chaos immediately after the collapse of Lehman Brothers in autumn 2008.
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