Gold prices in Asia fell on Tuesday as equities traded mainly in green, despite uncertainties over global trade issues.
Gold futures for December delivery were down 0.3% to $ 1,527.55 an ounce on the New York Mercedile Exchange’s Comex division as of 12:59 AM ET.
Gold prices fell as stocks in Asia recovered, with Chinese stocks up nearly 1%.
Yellow metal jumped more than 1% in the previous session in strengthening demand for safe housing.
George Gero, managing director and precious metals analyst at RBC Wealth Management said that “Everywhere we look, we have the explosion of geopolitical tensions, from the Middle East after Saudi attacks, in Europe with its never-ending Brexit, and points the hottest elsewhere like Venezuela and Argentina. ”
“Gold is that safe haven that everybody runs in times like these,” Gero added. “All of this will keep the gold in a base range of $ 1,500 – $ 1,550.”
Traders are also taking care of trade-related issues.
A Chinese trade delegation’s visit to US farms in Montana was abruptly canceled on Friday, shortening their trip to the US, Reuters reported. The trip was to prepare for further talks among senior officials next month./Investing.com