Gold prices ebbed on Tuesday as investors took the opportunity to move away from safe havens after U.S. Trade Representative Robert Lighthizer announced a delay in imposing new tariffs on certain Chinese products.
The announcement comes less than two weeks after U.S. President Donald Trump announced plans to impose a 10 percent tariff on the remaining $300 billion worth of Chinese imports, sparking a global stock market sell-off and a worldwide desire for safe havens.
Spot gold was down $10.10 or 0.67 percent at $1,500.40, while gold futures sank $5.15 or 0.34 percent to 1,512.15.
The precious metal had reached a six-year high earlier in the day on fears of a drawn-out global trade war, protests in Hong Kong, political uncertainty in Italy and Argentina and a crash in the peso.
Spot gold jumped 1.4 percent to $1,531.92 an ounce while U.S. gold futures were up as much as 1.7 percent at $1,542.70 an ounce.
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