Gold futures slip. However, they hold close to multi-week highs after rallying during Monday’s session.
Futures are down 0.7% at $3,372.30 a troy ounce. They reached as high as $3,417.80/oz in the prior session. The precious metal’s Monday jump was driven by investors putting money into safe-haven assets amid renewed trade war jitters, Trade Nation’s David Morrison says.
This follows President Trump’s accusation that China violated terms of a temporary trade agreement. Beijing denied this charge. The U.S. dollar fell sharply in response as investors rushed to find sanctuary in gold, the Swiss franc and Japanese yen, Morrison says.
