Bengaluru — Gold prices edged lower on Monday, pressured by a strong US dollar amid the prospect of higher interest rates, while global trade tension kept the metal buoyed above a six-month low hit last week. Spot gold was 0.1% lower at $1,267.23/oz as of 4.32am GMT, while US gold futures were down 0.2% at $1,268.80/oz. "There are specific factors that will actually push the dollar higher, given the trade tensions as well as the booming US economy versus other economies," said OCBC analyst Barnabas Gan. "Gold prices are very much influenced by the dollar movement rather than anything else. It’s less of a safe-haven demand into gold but rather a reaction to [dollar] strength." US President Donald Trump on Friday threatened to escalate a trade war with Europe by imposing a 20% tariff on all imports of EU-assembled cars. Trump also planned to bar many Chinese companies from investing in US technology firms and block additional technology exports to Beijing, Wall Street Journal reported...
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