Investor appetite for safe heavens such as gold, yen and Treasuries, were scaled back by sentiment for riskier assets, triggering an uptick in U.S. bond yields and forcing gold prices lower.
The uptick in U.S. Treasury bond yields, which trade inversely to bond prices, were also supported by an increase in supply as a fresh round of the Treasury auctions slated for this week got underway Tuesday.
The Trump administration raised the stakes in its trade war with China on Tuesday, saying it would slap 10 percent tariffs on an extra $200 billion worth of Chinese imports.
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