London — Gold prices fell on Tuesday as the dollar firmed after China said it would retaliate against a new round of US tariffs on its goods, intensifying tensions between the world’s two largest economies.US President Donald Trump said he was imposing 10% tariffs on about $200bn worth of imports from China, and threatened duties on about $267bn more if China retaliated against the US action.Although gold is presumed to be a safe-haven asset, the months-long trade rift between Washington and Beijing has prompted investors to buy US dollars in the belief that the US has less to lose from the dispute.Spot gold fell 0.2% to $1,198.78/oz by 10.30am GMT, after rising 0.6% in the previous session.US gold futures were down 0.2% at $1,203.10/oz."One of the big problems that gold is facing is that it is trying to battle a mountain of pessimism," ETF Securities analyst Nitesh Shah said."The speculative positioning in gold is down to its lowest levels since 2001 … gold is not behaving like the...
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