Gold prices held steady on Friday after hitting a one-year low in the previous session.
Spot gold prices were up 0.2 percent at $1224.49 an ounce while U.S. August gold futures were up marginally at $1,225 an ounce.
The dollar was on the defensive against the yen and euro after U.S. President Donald Trump criticized the Federal Reserve for raising interest rates and threatened to levy new tariffs on all Chinese imports, if Beijing doesn’t bow to American’s complaints about its trade policies.
Chinese yuan stabilized somewhat after an early slump spurred by the central bank’s move to weaken the daily reference rate for the currency by the most in two years.
Elsewhere, the European Union, Mexico and Canada have said they will retaliate if Trump imposes tariffs on automobiles.
G-20 finance ministers and central bankers will be meeting in Buenos Aires this weekend for the first time since China and the United States put tariffs on $34 billion of each other’s goods.