Gold slips after hitting one-week high

LONDON, Mar 7 (Reuters): Gold prices slipped on Wednesday on profit taking after hitting a one-week high earlier on news that a top economic advisor to the Trump administration had resigned, stoking fears of a trade war and knocking down the dollar.

Market watchers said the departure of economic adviser Gary Cohn, a former Wall Street banker, would embolden protectionist forces in the US administration as US President Donald Trump tries to impose hefty tariffs on steel and aluminium.

The dollar hovered near a 14-month low against the yen, while global equities fell. Equity futures pointed to the US S&P 500 index ESc1 opening per cent lower, extending Tuesday's falls, which followed the Cohn resignation.

Spot gold was down 0.1 per cent at $1,332.91 per ounce at 1112 GMT, after touching $1,340.42, its highest since Feb 26. US gold futures for April delivery fell 0.1 per cent to $1,333.80 per ounce.

"Yesterday's sharp gains in gold have come under a bit of pressure amid profit-taking. The market remains in ranges (with) conflicting macro fundamentals in play," said Fawad Razaqzada analyst at Forex.com.