Bengaluru — Gold prices were steady on Thursday, as simmering China-US trade tensions underpinned the dollar, while bullion investors looked for a direction after the minutes of the US Federal Reserve meeting indicated there was no hurry in cutting rates. Spot gold was steady at $1,273.37/oz at 2.51am GMT, after falling to $1,268.97 on Tuesday — its lowest level since May 3. US gold futures edged down 0.1% to $1,272.80. “The short-term effect of the US-China trade conflict is driving the US dollar index higher in general and that doesn’t help gold,” said Nicholas Frappell, global GM at ABC Bullion. “Also, during mid-May, plenty of fresh buying went into long positions at higher levels, and since then open interest on the CME has declined, which implies that some of those longs got out and are on the defensive.” The US administration is considering Huawei-like sanctions on Chinese video surveillance firm Hikvision over the country’s treatment of its Uighur Muslim minority, a person b...
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