Gold gains as simmering US-China tensions boost demand

Gold last traded at $1,723 an ounce. Silver at $17.87 an ounce.

NEWS SUMMARY: Precious metal prices rose Thursday on safe-haven buying and a weaker dollar. U.S. stocks rose as traders see the latest data as a signal the economy may be nearing the bottom.

CNBC---"Gold prices rebounded on Thursday as deteriorating U.S.-China relations over Beijing's move to impose a national-security law in Hong Kong fanned concerns over quick economic recovery and drove investors towards the safe-haven metal....'The tensions between U.S. and China continue to be on the high side. Overall, the market is a bit worried about the situation geopolitically and also economically,' said Afshin Nabavi, senior vice president at precious metals trader MKS SA. China's parliament approved a national security legislation for Hong Kong on Thursday, fueling fears it could jeopardize its special autonomy and freedoms. The new security law on Hong Kong has lead to an escalation in trade tension between the United States and China amid Washington ramping up criticism of China over the origins of the coronavirus pandemic. The escalating tensions have increased interest in gold, which is seen as a safe investment during times of political and financial uncertainty."