Gold prices move lower on Monday, with the precious metal failing to garner support as investors sought shelter in the U.S. dollar and Japanese yen from tumbling equities after U.S. President Donald Trump upended perceived progress on trade talks by threatening to raise tariffs on Chinese goods this week.
Gold for June delivery GCM9, -0.01% edged down by $1.80, or 0.1%, to $1,279.50 an ounce, after the contract rose 0.7% to settle at $1,281.30 an ounce on Friday. The front-month contract pared last week’s loss to 0.6%, according to FactSet data. The dollar, as measured by the ICE U.S. Dollar Index DXY, +0.09% was up 0.1% at 97.618, but gains were capped as the yen USDJPY, -0.19% touched an eight-week high against the dollar.
USD was rising, yen irrelevant today.
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