“The gold market saw massive moves on Monday, breaking record highs in a number of currencies, including the British pound, the Japanese yen, the Canadian and the Australian dollars. The yellow metal also saw a massive 3% daily rallies in other currencies.
The main driver behind this week’s move has been the escalating trade tensions between the U.S. and China. After U.S. President Donald Trump announced 10% tariffs on the remaining $300 billion of Chinese imports, China let the yuan to weaken and rise above 7 against the U.S. dollar for the first time in more than a decade.”
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