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Below the Gold Commentary : Gold tops $3,300 as weak dollar, US-China tensions lift demand  Says Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd 

Gold prices extended their record run to breach $3,300, as a weaker dollar and escalating U.S.-China trade tensions pushed investors towards the safe-haven asset. Bullion remains heavily supported by a broadly weaker dollar, uncertainty around tariff announcements and fears about growth slowdown. U.S. President Donald Trump ordered an investigation into possible tariffs on all U.S. critical minerals imports, marking another escalation in his dispute with global trade partners and an attempt to pressure China. Governor Powell in his speech yesterday, U.S. economic growth appears to be slowing, with consumer spending growing modestly, a rush of imports to avoid tariffs likely to weigh on estimates of GDP, and sentiment souring. There was a sense of caution in his tone, as he reiterated that there is no rush to make any changes in interest rates, Fed will change its decision looking at the economic development. On data front, US Retail sales was reported better than expectations while, industrial production was lower than estimates. Growth numbers from China was also mixed keeping market participants on edge. Focus today will be on US weekly jobless claims, philly fed manufacturing index and a few housing numbers.

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