Gold hits over 7-month peak as Huawei case sparks risk-off sentiment
Updated : January 29, 2019 10:51 AM IST
Spot gold rose to its highest since June 14, 2018 at $1,304.53 in morning trade and was firm at $1,303.62 per ounce by 0319 GMT. US gold futures were also steady at $1,302.70 per ounce.
The United States on Monday charged Huawei, its chief financial officer and two affiliates with bank and wire fraud to violate sanctions against Iran in a case that has escalated tensions with Beijing.
The Fed raised interest rates four times last year, but some officials have said they will be patient in raising rates given the stalemate over global trade, the US federal government shutdown, and waning business and consumer confidence.