Investing.com – Gold prices were lower on Wednesday as Sino-U.S. trade tensions continued.
Comex for December delivery fell 0.29% to $1,210.90 a troy ounce as of 10:40 AM ET (14:40 GMT).
Investors remained cautious ahead of a upcoming deadline in Sino-U.S. trade disputes as a trade deal between the U.S. and Mexico was underway.
Canada’s Foreign Minister Chrystia Freeland is in Washington to negotiate the country’s spot in the North American Free Trade Agreement (NAFTA) following Monday’s deal between the United States and Mexico. U.S. President Donald Trump has said he will levy tariffs on Canada if they do not agree with the new trade deal.
Meanwhile, the next round of U.S tariffs on $200 billion worth of Chinese goods are expected to take effect in late September after the public comment period ends on Sept. 5.
The price of gold was unmoved by a softer greenback. The , which measures the greenback’s strength against a basket of six major currencies, inched down 0.04% to 94.59.
Gold usually falls as the dollar rises, as it is denominated in the U.S. currency and is sensitive to moves in the dollar. Bullion becomes more expensive for holders of other currencies when the dollar rises and cheaper when it falls.
Other metals were mostly lower on the Comex, with down 0.77% to $14.660 a troy ounce. Among other precious metals, fell 0.24% to $793.40, while increased 0.72% to $942.10 an ounce. futures slumped 0.85% to $2.735 a pound.
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Source: Investing.com
