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Gold prices fell as the dollar against the yuan rose after the United States threatened to impose additional duties on Chinese products, triggering increasing trade tensions between the two countries. two largest economies in the world.
Trump increased his trade dispute with China, threatening to charge 10% of Chinese imports worth $ 200 billion.
The news came after Washington imposed a 25% tax on Chinese imports worth $ 34 billion last week. Beijing immediately responded by charging similar fees for the same-value US goods imported by China.
At 0710 GMT, spot gold fell 0.3% to $ 1251.43 an ounce. In the previous session, the precious metal reached its lowest level in a week at $ 1246.81 an ounce. Gold futures for delivery in August fell 0.3% to $ 1252.30 an ounce.
The Chinese yuan in foreign markets fell to 6.6918 to the dollar, falling more than 0.5% from the latest US trading levels and approaching the 11-month low of 6.7344 hit the July 3.
The rise in the US dollar increases the cost of gold for holders of currencies other than the dollar held by the precious metal.
For other precious metals, silver fell 0.8% to $ 15.92 an ounce and platinum 0.5% to $ 837.70 an ounce. Earlier in the session, metal fell to its lowest levels since July 3.
Palladium dropped 0.4 percent to $ 938.03 an ounce after falling to a two-week low of $ 934.35.
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