Gold price Inches Higher Ahead Of US-Japan Trade Talks

New York (Aug 9)  Spot gold was up 0.19% at USD1,214.96 an ounce after rising 0.2% in the previous session. US gold futures were up 0.13% at 1,222.60 an ounce.

The dollar stayed around 111 yen as officials from both countries hold the first round of new ministerial trade talks in Washington. The talks are expected to run through Friday.

The Chinese yuan steadied versus the dollar after losing around 6% in the past two months.

China on Wednesday slapped additional import tariffs of 25% on USD16 billion worth of US goods in retaliation for tariffs on China imposed by US President Donald Trump.

Also on Wednesday, Washington said it would soon impose new sanctions on Russia after determining Moscow had used a nerve agent in the attack against a former Russian spy in Salisbury.

The Russian rouble sank to hover near its lowest level in nearly two years and the Turkish lira hit a fresh record low, reflecting rising geopolitical tensions.