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Gold Slides As Risk Appetite Picks Up Ground

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.

The material has been provided by InstaForex Company – www.instaforex.com