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Gold Price Hits Four-Week High as Pelosi's Taiwan Trip Stirs Tensions

Thursday, August 4, 2022

8.3.22 - 61% in U.S. Now Live Paycheck to Paycheck

Gold last traded at $1,761 an ounce. Silver at $19.99 an ounce.

NEWS SUMMARY: Precious metal prices eased back Wednesday on profit taking and a firmer dollar. U.S. stocks rallied as traders cheered better-than-expected earnings and economic data.

Bloomberg--"Gold rose to the highest level since early July as investors braced for a stormy period in US-China relations with House Speaker Nancy Pelosi heading for Taiwan.

The precious metal often benefits from bouts of geopolitical turbulence, and the Pelosi trip only adds to tailwinds that have helped gold rebound from a 15-month low. A reversal in the dollar's rally and growing fears about the global economy have also aided bullion prices.

Pelosi is expected to arrive later Tuesday in Taiwan, which China views as its territory. She would be the most senior US politician to visit the island in a quarter of a century, and Beijing has warned of consequences including military action if the trip goes ahead.

'Dollar weakness is aiding gold's move higher with some support seen from the rising US-China tensions,' said Gnanasekar Thiagarajan, director at Commtrendz Risk Management Services."

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