Gold down as dollar recovers

Gold edged lower on Tuesday in Asia amid a recovering dollar and lingering inflation concerns that lifted the safe-haven asset to an over one-week high in the last session.

Gold futures shed 0.42% to $1,760.10 by 11:50 PM ET (3:30 AM GMT), after hitting $1,770.41 on Monday, the futures’ highest since September 23. The dollar, typically moving inversely to gold, went up on Tuesday.

U.S. trade representative Katherine Tai on Monday excluded several Chinese imports from tariffs imposed by former U.S. President Donald Trump. Tai also called for “frank” talks with China over its failure to deliver promises made on trade deals and its industrial policies during the Trump administration.

Meanwhile, gold imports in India skyrocketed 658% in September from 2020’s lower base. A correction in local prices encouraged jewelers to increase their purchases ahead of the coming festive season.

In related news, silver and platinum fell 0.6% and 0.7% respectively, while palladium slipped 0.2% to $1,900.58.