Gold drops after President Donald Trump delayed the imposition of some new tariffs on Chinese goods, providing relief to risk assets that had been under pressure earlier in the week.
Tuesday's move to at least hit the pause button in his fight with China also temporarily allayed concerns over the impact of trade tensions on a slowing global economy. Chinese officials are sticking to their plan to visit Washington in September for face-to-face trade meetings, people familiar with the matter said, signaling that talks remain on track for now despite an abrupt escalation in tariff threats this month.
Gold was also pressured after a stronger-than-expected yuan fixing in China. The precious metal remains near the highest level since 2013 amid expectations for further monetary easing.
Spot gold -0.3% to $1,497.70/oz at 7:32am in London. Prices -0.6% on Tuesday after earlier touching $1,535.11, the highest level since April 2013.
Source : Bloomberg