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Business

REUTERS
September 13, 2018

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Gold falls

Bengaluru : Gold prices edged lower on Wednesday as a key technical resistance acted as a deterrent for the metal and the yuan weakened against the dollar on fears the U.S.-China trade war could escalate.

Spot gold was down 0.3 percent at $1,194.08 an ounce at 0406 GMT, after hitting its lowest since Aug. 24 at $1,187.21 on Tuesday.

U.S. gold futures were down 0.3 percent at $1,198.90 an ounce. "There is some selling pressure on the renminbi, which is affecting gold.

Also, people are reluctant to buy as $1,200 is acting as a strong resistance," said Ronald Leung, chief dealer at Lee Cheong Gold Dealers, Hong Kong.

Verbal sparring between Washington and Beijing continued on Tuesday, unnerving investors over the months-long escalation in trade tensions between the world´s two biggest economies.

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