Gold prices fall amid strengthening Dollar

Gold prices fell earlier on Tuesday in Asia as the Dollar strengthened, pulling traction away from the yellow metal.

Gold futures fell by 0.85% to $1,798.65 per ounce at 1:12 AM ET (6:12 AM GMT), still remaining above the $1,800 level.

Losses were limited as new outbreaks continued to be reported across the world. As of July 14, global COVID-19 infections have reached over 13 million, according to data from the Johns Hopkins University.

In the U.S., California announced that it would roll back its reopening plans as new cases continued to grow in the state, dampening hopes of a quick economic recovery.

Meanwhile, simmering U.S.-China tensions also limited losses, after U.S. Secretary of State Michael Pompeo on Monday said that China’s claims to offshore resources throughout the South China Sea were unlawful.