Gold prices strengthened on Tuesday, consolidating near the highest in more than six years as an intensifying U.S.-China trade war threatened global economic growth.
Spot gold rose 0.5% to $1,470.96 an ounce as of 2:08 p.m. EDT (1808 GMT), after hitting $1,474.81, the highest since May 2013. The previous session, gold jumped as much as 2%.
U.S. gold futures settled up 0.52% at $1,484.20.
"There is a great deal of uncertainty in terms of economic growth, especially concerning U.S.-China trade frictions. Given the increased volatility in U.S. and global stock markets, gold is receiving support as a result of that," said Jeff Klearman, portfolio manager at GraniteShares.
A rout in global markets eased as China kept the yuan on a tight leash a day after letting it weaken past 7 to the dollar.
This led the United States to label Beijing a currency manipulator, a decision that China's central bank said would "severely damage international financial order and cause chaos in financial markets."
Influential Wall Street bank Goldman Sachs said it no longer expects Washington and Beijing to agree on a truce to end their prolonged trade dispute before the November 2020 presidential election.
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