Gold falls from near four-week peak on firm dollar
NEW YORK: Gold fell over 1% on Tuesday after hitting a near four-week high, pressured by a firmer dollar as investors grew cautious ahead of a potential call between US President Donald Trump and Chinese leader Xi Jinping.
Spot gold fell 1.1% to $3,340.79 an ounce as of 10:21 a.m. ET (1421 GMT), after hitting its highest since May 8, earlier in the session.
US gold futures eased 0.9% to $3,365.90. The dollar rose 0.5% from an over-a-month low hit earlier in the session, making gold costlier for foreign buyers.
'We are moving into this period that is well known to be the summer doldrums, so there's an expectation that the gold market could fall into a bit of a lull or a sideways consolidation,' said David Meger, director of metals trading at High Ridge Futures.
Markets are on edge ahead of a likely Trump-Xi call this week, after Trump accused China of violating an agreement to roll back tariffs. The talks come as trade tensions between the world's two largest economies continue to simmer.
Separately, the European Commission said it would push for lower US tariffs even as Trump proposed doubling duties on steel and aluminum, while Washington urged trade partners to submit revised offers by Wednesday to speed up talks.
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