Economic news

Gold slips to 6-month weak point as dollar advances

Gold prices scaled their weakest level in more than half a year on Tuesday, with the yellow metal hit by a broadly firmer dollar.

August gold futures sank 0.7%, to $1,259.50 an ounce, extending its Monday's decline. September silver dropped 0.6% to $16.300 an ounce.

The ICE U.S. Dollar Index rose 0.3% to 94.53. The dollar is on track for a third straight month of gains.

The recent sell-off in global risk assets had been triggered by a fresh round of global trade tensions. That makes the yellow metal almost exclusively depend on the greenback that is boosted by higher U.S. interest rates.

U.S. Fed head Jerome Powell last week said the regulator should keep a gradual pace of interest rate increases amid a solid numbers to balance its employment and inflation targets. Gold could be dragged down by rising U.S. interest rates.

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