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Gold slips as the dollar rebounds

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The metal dropped for the first time in four sessions, as the greenback recovered from multiweek lows amid simmering China-US trade tension

Gold granulate is seen at a plant of gold refiner and bar manufacturer Valcambi in the southern Swiss town of Balerna. Picture: REUTERS/MICHAEL BUHOLZER

Spot gold was down 0.1% at $1,283.29 per ounce, as of 0338 GMT, after touching its highest since May 17 at $1,287.32. US gold futures were down 0.1% at $1,282.30 an ounce. Against a basket of six peers, the dollar gained 0.2% to 97.806 after touching its lowest since May 16 at 97.546 on Friday. Meanwhile, US President Donald Trump said on Monday in a news conference with Japanese President Shinzo Abe that he was “not ready to make a deal with China”, the latest blow to beliefs that the two countries might reach a deal soon.

 

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