Gold prices inched down on Tuesday as the U.S. dollar gained on worries over slowing economic growth and fears the Sino-U.S. trade war could intensify again. Spot gold was down 0.2 percent at $1,227.41 an ounce, after falling 0.3 percent on Monday. U.S. gold futures were up 0.2 percent at $1,229.30 an ounce. The dollar firmed against its rivals on Tuesday, gaining 0.1 percent. The United States is preparing to announce tariffs on all remaining Chinese imports by early December if talks next month between presidents Donald Trump and Xi Jinping fail to ease the trade war, Bloomberg reported on Monday, citing unnamed sources.
Shanghai base metal prices fell in early trade on Tuesday on a stronger dollar and a report that the United States is planning tariffs on an additional $257 billion of Chinese goods. Prices have been weighed down by tit-for-tat tariffs imposed by the world’s top two economies this year amid concerns the trade row will hurt demand for industrial metals. Three-month copper on the London Metal Exchange slipped 0.4 percent to $6,134 a tonne, having ended the previous session flat with support from tumbling inventories.
Brent oil prices fell on Tuesday, weighed down by ongoing weakness in global stock markets and by signs of rising global supply despite looming sanctions on Iran’s crude exports. Front-month Brent crude oil futures were at $77 a barrel, down 34 cents, or 0.4 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $67.08 a barrel, little changed from their last settlement. Oil has been caught up by broad financial market slumps this month, with stocks falling again on Monday after reports the U.S. is planning an additional $257 billion worth of tariffs on Chinese goods if upcoming talks between Presidents Donald Trump and Xi Jinping fail to end a trade war between the world’s two largest economies.
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