Gold futures ended lower on Tuesday, falling sharply from their highest intraday levels in more than six years, after the U.S. announced that it would delay tariffs on some Chinese goods and scheduled further talks in an effort to resolve the trade dispute between the two nations.
Prices for the yellow metal had climbed above $1,546 in early Tuesday dealings, the highest intraday level for a most-active contract since April 2013, according to FactSet data, as investors kept an eye on protests in Hong Kong, the fallout from Argentina’s weekend primary elections and recent sharp falls in equities markets, as well as worries over the economic outlook tied to the U.S.-China trade war.
Gold for December delivery on Comex lost $3.10, or 0.2%, to settle at $1,514.10 an ounce after trading as high as $1,546.10 an ounce. Gold is up 5.2% in August, contributing to a 18% year-to-date rise, based on the most-active contract. September silver fell 8.6 cents, or 0.5%, to $16.985 an ounce.
Source : Marketwatch