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The US-China trade war has become a reality after multiple rounds of failed talks, still, gold, a classic safe-haven asset, is reporting marginal losses at the time of writing.The US President Trump’s initial round of tariffs on China came into effect at 04:01 GMT today. Further, Trump has threatened to impose additional tariffs on $500 billion worth of Chinese goods if China retaliates.As per latest reports, China has vowed to respond immediately in kind. Clearly, the US and China are in for a long drawn out trade war. However, there are no signs of stress in the market. At press time, the S&P 500 futures are flat and oil prices are reporting marginal losses. Consequently, gold has not picked up a safe haven bid, but has trimmed losses. Currently, it is trading at $1,255, having hit a low of $1,252 earlier today.Gold’s dull response to US-China trade war makes it more vulnerable to gyrations in the US yields and the US dollar. Should the US non-farm payrollsand wage growth numbers, scheduled for release at 12:30 GMT, beat estimates, the yellow metal could take a beating.
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