Gold slips due to trade tensions

Gold slips due to trade tensions

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LONDON: Gold dipped as concerns over an increasing trade tension amid the United States and China that prompted investors to seek perceived safety in the dollar.

A stronger dollar promises dollar-priced gold costlier for non-US investors.

Silver hit a 2-1/2 year low of $13.99 an ounce, but was later down 3% at $14.02.

“Gold and silver should bottom out at the current level as they should attract physical buying amid ongoing festival season in India. Dull economic activities may result in some safe haven buying in China,” said Vandana Bharti, assistant vice president of commodity research at SMC Comtrade Ltd.

Platinum was down 1.9% at $768.70, while palladium was down 0.4% at $969.90, after hitting an 11-week high of $985.50 on Monday.

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