Despite the volatility caused by the trade war from the U.S., investors still sought the relative safety of U.S. Treasuries and dollar, which made it costlier for foreign buyers looking to the USD-denominated gold market.
“With the dollar stronger again, gold is sliding today,” Chris Gaffney, president of world markets at TIAA Bank, told Reuters.
A record net short in Comex gold futures further weighed on gold sentiment as well.
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