Gold soars as US-China trade tensions rattle markets

THE US Federal Reserve lowered borrowing costs by a quarter point to the target range of 2 to 2.25 per cent.

Fed Chairman Jerome Powell, though indicating a dovish pivot, has refused to commit on aggressive monetary policy easing for 2H 2019.

A sudden escalation in the Sino-US trade dispute roiled financial markets, as the White House announced 10 per cent tariffs on US$300 billion worth of Chinese goods (with effect from Sept 1).