FOX LIVE NEWS UPDATE

PRECIOUS-Gold slips as U.S. Treasury Secretary says trade war with China ‘on hold

May 21 (Reuters) – Gold prices edged down on Monday as the dollar rose and demand for safe-haven assets eased after U.S. Treasury Secretary Steven Mnuchin said a trade war between China and the United States was “on hold”.

Spot gold XAU= was down 0.2 percent at $1,289 per ounce at 0325 GMT.

U.S. gold futures GCcv1 for June delivery were 0.2 percent lower at $1,288.20 per ounce.

The dollar rose versus the yen and hit a five month-high against a basket of currencies on Monday, after Mnuchin’s comments downplaying a trade dispute with China, boosting risk sentiment amid hopes for an easing of trade tensions between the world’s two biggest economies. USD/

Mnuchin and U.S. President Donald Trump’s top economic adviser, Larry Kudlow, said the agreement reached by Chinese and American negotiators on Saturday set up a framework for addressing trade imbalances in the future. have this combination of technical factors which is at the moment un-supportive (for gold). As long as the dollar is on the firm side, gold is under pressure,” said Dominic Schnider at UBS Wealth Management in Hong Kong.

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