Gold price edges slightly higher

BENGALURU, Sept 02 (Reuters): Gold edged slightly higher on Monday after the United States and China imposed new tariffs on each others' goods but a firmer dollar limited the precious metal's upside.

Washington began imposing 15 per cent tariffs on a variety of Chinese goods on Sunday, including footwear, smart watches and flat-panel televisions, as Beijing began imposing new duties on US crude.

However, US President Donald Trump said both sides would still meet for talks later this month.

Spot gold was up 0.2 per cent at $1,522.17 per ounce as of 0920 GMT, having fallen to a one-week low at $1,517.11 in the previous session. US gold futures were up 0.1 per cent at $1,531 an ounce.

Trading could be subdued as US financial markets are closed for the Labour Day holiday.

"Overall, there is nothing going on apart from the fact that the dollar is stronger. There was not so much reaction (in gold prices) as this (tariffs) was well anticipated," ABN Amro analyst Georgette Boele said.

Against key rivals, the dollar scaled a more-than two-year high earlier in the session, making gold costlier for investors holding other currency.

"We can expect a correction in gold prices as it had moved up so quickly that you don't need so much to trigger profit taking," Boele added.