Gold prices slipped for a second straight session on Tuesday, as fears about global economic slowdown due to escalation in U.S.-China trade tensions pushed the U.S. dollar higher.
Further the political instability in Germany and concerns about Italy’s big deficit budget that breaches the European Union’s fiscal rules, have also contributed to the greenback’s rise.
Worries about growth have increased reports that the U.S. has announced that the new round of tariffs on all remaining Chinese imports could come by early December, if talks next month between U.S. President Donald Trump and Chinese President Xi Jinping fail to ease the trade war.
The dollar index rose by about 0.4% to 96.95 on safe haven appeal.
Gold futures for December ended down $2.30, or 0.2%, at $1,225.30 an ounce, the lowest settlement since October 22. On Monday, gold futures ended down $8.20, or 0.7%, at $1,227.60 an ounce.
Silver futures for December were up $0.020, at $14.462 an ounce a few minutes before of close.
Copper futures for December were lower by $0.0765, at $2.6640 per pound.