The U.S. dollar went down against the yen on Friday following U.S. President Donald Trump’s suggestion of placing new $100 billion tariffs on China. President Trump stated on Thursday that he had given instructions to U.S. trade officials to examine the possibility of adding $100 billion in tariffs on China, which aggravated the ongoing trade war further.
Against the yen, the dollar went down by 0.2 percent to 107.15 yen, departing from Thursday’s 107.49, its highest in the past month as it was pulled up by the recovering of shares in the United States. The euro went up by 0.1 percent against both the dollar and the yen and closed at ¥131.27 and $1.2252.
The prices of gold went up on Friday as investors flock to safe haven assets following U.S. President Donald Trump’s proposition to impose new tariffs on China, sparking worries over an intensifying trade war between the 2 largest economies in the world.
Spot gold rose by 0.4 percent and was at $1,330.78 an ounce. U.S. gold futures gained 0.4 percent to $1,334.10 per ounce. Holdings of the gold-backed ETF SPDR Gold Trust, went up by 0.24 percent to 854.09 tonnes on Thursday from Wednesday’s 852.03 tonnes.