Gold prices edged higher after early weakness on Tuesday, with traders looking for some bargain hunting after recent losses. The dollar’s retreat from higher levels contributed as well to the yellow metal’s recovery.
The dollar, which had been gaining in strength with the prospects of interest rate hikes in September and December rising on the back recent buoyant economic data, turned a bit sluggish against some major currencies today. After advancing to 95.34, the dollar index dropped down to 95.14 before edging up slightly.
According to reports, a WTO meeting agenda says China is planning to seek WTO permission to impose sanctions on the U.S., following Donald Trump’s threat last week that his administration will impose tariffs on about $467 billion worth of Chinese imports.
Gold futures for December ended up $2.40, or 0.20%, at $1,202.20 an ounce. On Monday, gold futures ended down $0.60, or 0.05%, at $1,199.80 an ounce.
Silver futures for December settled at $14.153 an ounce, down $0.028 from previous close.
Copper futures for December ended down $0.0065, at $2.6215 per pound.
Traders are also looking ahead to the outcome of the trade talks between Canadian Foreign Minister Chrystia Freeland and U.S. Trade Representative Robert Lighthizer. Markets expect that the two countries would reach a deal
that would help save the North American Free Trade Agreement.