Bengaluru : Gold turned negative on Friday, as the US dollar rose against the Chinese yuan after US President Donald Trump reportedly told aides to proceed with tariffs on Chinese imports.
Trump has directed aides to place tariffs on about $200 billion of Chinese goods, according to a person familiar with the matter.
Bloomberg News first reported Trump´s action. "I think that´s what´s driving gold lower, the dollar higher and the S&P market lower," said Michael Matousek, head trader at US Global Investors. "Companies are theoretically going to make less money because they will get that tax."
After the latest US-China tariff development, the dollar index extended earlier gains against a basket of currencies, including the yuan, while the S&P 500 declined. Spot gold lost 0.5 percent at $1,195.21 per ounce, having hit its highest since Aug. 28 at $1,212.65 on Thursday.
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