London — Gold prices slipped on Wednesday as US threats of tariffs on an additional $200bn worth of Chinese goods pushed safe-haven flows to the dollar and dashed hopes that Washington will eventually step back from the escalating row. US President Donald Trump detailed overnight a list of Chinese products that could face 10% tariffs. The clock now starts ticking on a two-month period of public comment before the levies are imposed. The news sent the US dollar to an 11-month high versus the yuan and hit the Australian dollar, but left the euro largely unmoved. A strong greenback makes US dollar-priced gold costlier for non-American investors. "Gold options keep getting higher and higher, which means people are positioned for prices to rise. It tells us there is overhanging positive sentiment to gold, but right now the money is sitting on the sidelines," ING analyst Oliver Nugent said. Spot gold was 0.4% lower at $1,249.04 an ounce at 10.15am GMT. In the previous session, bullion hit...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.