LONDON, Jul 03 (Reuters): Gold prices recovered from a nearly seven-month low on Tuesday as the dollar eased but platinum touched fresh 10-year lows on concerns that trade sanctions could hit demand for the metal.
Spot gold was up 0.7 per cent at $1,250.17 an ounce as of 1244 GMT. Earlier in the session, bullion prices dropped to $1,237.32, their lowest since Dec. 12, 2017.
US gold futures rose 0.7 per cent to $1,251.30 an ounce.
"The trend of the dollar is bearish for gold but as we start the new quarter we are seeing some dollar profit-taking and that is boosting gold," Forex.com analyst Fawad Razaqzada said.
He said investors had booked profits ahead of the minutes from a recent US Federal Reserve meeting and US non-farm payrolls data due this week.
The dollar index, which measures the greenback against a basket of six major currencies, was 0.4 per cent lower.
A softer greenback generally decreases the cost of dollar-denominated bullion for investors paying in other currencies.
The United States (US) is set to place tariffs on $34 billion of Chinese goods on July 6, but global stocks remained resilient, spurred by tech-driven rises in the United States.
The US Chamber of Commerce on Monday denounced US President Donald Trump's handling of global trade disputes, issuing a report that argued tariffs imposed by Washington and retaliation by its partners would boomerang badly on the American economy.
Gold recovers from seven-month low
FE Team | Published: July 03, 2018 21:27:10
Gold recovers from seven-month low
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