Gold Prices Fell To More Than Six Month Lows As The Dollar Added To Gains

Gold on MCX settled down -0.47% at 30289 continued to plunge in yesterday’s session as Comex Gold lost $12.80 to the lowest since December after a surprisingly upbeat reading on the manufacturing sector. 

Gold prices fell to more than six-month lows as the dollar added to gains, denting demand for the yellow metal despite the increased risk of an escalating trade war as U.S. tariffs on Chinese imported goods are expected to come into effect later this week. 

The dollar resumed its climb higher as traders increased their bets that the U.S. economy would fare better in a trade war than some of its trading peers ahead of U.S. tariffs on $34 billion worth of Chinese imported goods slated for July 6.

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