Gold Solidly Down, At 3-Week Low, As Raw Commodity Sector Hit By Trade Worries
(Kitco News) - Gold prices have hit daily lows and three-week lows in late-morning action Friday. The yellow metal is being pressured by losses across much of the raw commodity sector, after the Trump administration levied more tariffs on China, with the promise to slap more trade sanctions on China if China retaliates. The recent surge in the U.S. dollar index is also an underlying negative for the precious metals markets. Technically, the gold bulls faded badly today, and a bearish weekly low close on Friday would suggest more downside price pressure early next week. August gold was last down $17.80 an ounce at $1,290.50.