London — Gold edged lower on Thursday in response to an easing of trade tension after the US agreed to refrain from imposing tariffs on cars from the EU. The two sides will also begin talks to cut other trade barriers, they announced on Wednesday following a meeting at the White House. Gold usually loses ground to riskier assets such as stocks when global financial and political worries fade. Spot gold slipped 0.2% to $1,228.33 an ounce by 10.05am GMT, after it rose 0.6% on Wednesday. Earlier in the session, the metal hit $1,235.16, its highest in more than a week. US gold futures for August delivery were 0.3% lower at $1,228.10 an ounce. "The rise is partially to do with the news that Trump and the EU called a ceasefire on trade war and a halt on auto tariffs," said Natixis precious metals analyst Bernard Dahdah. "But gold has been dropping since April so there is a bigger story behind this fall rather than just the EU-US story at the moment." Gold is currently trading about 10% of...
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