Gold Prices Fall As Dollar Gains Vs Yuan In Escalating Trade War

Gold prices fell on Wednesday as the dollar firmed against the yuan after the United States threatened to impose additional tariffs on Chinese goods, escalating trade tensions between the world's two largest economies.

The Trump administration said on Tuesday it would slap 10 percent tariffs on an extra $200 billion worth of goods imported from China.

The news comes after Washington imposed 25 percent tariffs on $34 billion of Chinese imports last week. Beijing responded immediately with matching tariffs on the same value of U.S. goods exported to China.

Spot gold fell 0.3 percent at $1,250.90 an ounce at 0315 GMT. In the previous session, bullion hit a one-week low at $1,246.81 an ounce.

U.S. gold futures for August delivery were 0.3 percent lower at $1,251.90 an ounce.

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