FOX LIVE NEWS UPDATE

PRECIOUS-Gold inches down on U.S. rate hike prospects
June 26 (Reuters) – Gold prices edged lower on Tuesday, pressured by prospects of rising U.S. interest rates, while an easing dollar and escalating trade tensions between the United States and other major economies supported the metal.

Spot gold XAU= was down 0.1 percent at $1,264.34 an ounce, as of 0357 GMT, not far from a six-month low of $1,260.84 touched last week.

U.S. gold futures GCcv1 for August delivery were 0.2 percent lower at $1,266 per ounce.

“Rising trade tensions should have (but did not) help gold’s cause all that much. Instead, it seems that the concern of rising interest rates, particularly in the U.S., continues to gnaw away at gold, as does the fact that the fund length is fleeing,” INTL FCStone analyst Edward Meir said in a note.

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