Gold prices dip after White House clarifies trade deal mixup

Gold prices fell earlier on Tuesday in Asian trade, retreating from an earlier rally on the back of Washington’s comments on the U.S.-China trade deal.

White House trade advisor Peter Navarro temporarily spurred worries from investors on Monday after he said that the trade deal with China was “over”. However, Navarro later added that his comments were taken “out of context” with U.S. President Donald Trump clarifying in a Twitter post that the trade deal was still “fully intact”.

Gold futures slid by 0.07% to $1,765.25 per ounce at 01:08 AM ET (06:08 AM GMT) as investors retreated from the yellow metal after the clarifications.

Stocks, which are often observed to move in the opposite direction to gold, traded higher after falling slightly on Monday.