Gold soars on India-China spat

Gold soars on India-China spat

On Friday, gold drifted moderately higher in Asia, with focus shifting to a tense Himalayan standoff between China and India who were involved in a brief, but fierce border war conflict over the territory in 1962.

December delivery gold futures tacked on 0.02% being worth $1.292.57 a troy ounce.

Two months ago, the world's top two gold buyers, India and China came to a standoff when Indian troops dared to confront Chinese forces who were working on a road over the Doklam Plateau, which is a strategically crucial area, exactly where India, Tibet and Bhutan meet, and which both Bhutan and China consider to be their own.

Overnight, the number one precious commodity traded close to session maximums after the minutes of the Fed’s July gathering showed that members were concerned about lifting interest rates amid an evident slowdown in inflation, thus narrowing expectations for a third rate lift later in 2017.

However, gold futures struggled to overcome $1,300 because initial jobless claims as well as manufacturing data topped predictions, raising market sentiment on the strength of the American economy.


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