On the night of Wednesday, June 12, the price of gold was able to once again overcome the mark of 1330 dollars per ounce. The growth driver for the precious metal was the continuation of the trade conflict between the United States and China.

Economic uncertainty is a negative factor for the stock market, but positive for the gold market. The trade war between China and the United States has been an important factor supporting the cost of the yellow precious metal for several months in a row. The pricing of gold is affected by both the escalation of the conflict and its weakening. For example, already this Monday, the precious metal began to receive signals for growth, although on Sunday it was about easing the trading confrontation.

According to CNBC, US President Donald Trump justified the introduction of protective duties, as they are part of his trading strategy. He also stressed that there would be no relaxation in the negotiations from the US until China fulfills at least four important points that Washington is proposing. However, he did not name these items. As for China, the authorities of this country intend to firmly defend their interests, especially if the States go to exacerbate the conflict.

Against this verbal fight, the price of gold was able to exceed $ 1,300 per ounce, thus overcoming an important technical level. The cost of precious metals reached $ 1335 per ounce (1178 euros).

"The demand for gold will remain high until the trade war between the United States and China ends. If there is no dialogue at the G20 summit, the price of gold will receive another impetus for growth, as investors will actively look for defensive assets , one of which is a yellow precious metal, "- said the analyst Alfonso Esparza from the company OANDA in an interview with CNBC.

However, gold has yet to demonstrate a price rally. An important resistance level will be $ 1350/1370 per ounce.