Gold down as dollar gains on U.S.-China trade war fears ( MCX HNI CALLS) WWW.TRADEMAXINDIA.COM CALL@ (8218997961/8218995526)


Gold prices edged down on Tuesday as the U.S. dollar firmed on renewed fears of an intensification in the Sino-U.S. trade war and worries over slowing global economic growth.

Investors shunned riskier assets and moved to buy the greenback after Bloomberg reported that Washington is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between U.S. President Donald Trump and Chinese President Xi Jinping fail to ease the trade war. USD/

A stronger dollar makes bullion more expensive for holders of other currencies.

Spot gold XAU= was down 0.1 percent at $1,227.92 an ounce at 0400 GMT, after falling 0.3 percent on Monday.

U.S. gold futures GCcv1 were up 0.2 percent at $1,229.80 an ounce.

“There is a little bit of pressure from the dollar for now. But overall gold prices look fundamentally supported. Market sentiment is still very cautious. We feel upside potential for gold at $1,255 is highly possible,” said Benjamin Lu, a commodities analyst with Phillip Futures.

Gold prices have gained about 6 percent since declining to $1,159.96 an ounce in mid-August, the lowest since January 2017. Choppy sessions in global equity markets last week pushed gold to $1,243.32, its highest since July 17 on Friday.





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