Gold settles lower as dollar gains

Gold bars

Gold prices fell at settlement on Tuesday as the dollar strengthened and investors awaited a potential call this week between the US and Chinese presidents.

August gold futures dropped 0.6%, or $20.1, to close at $3,377.1 an ounce.

The US dollar index, which measures the greenback against six major peers, hit a one-month low earlier in the session but later reversed course, rising 0.53% to 99 by 10:14 p.m. Mecca time.

Global markets remained on edge as investors looked ahead to a possible phone conversation between US President Donald Trump and Chinese President Xi Jinping this week, amid ongoing trade tensions between the world’s two largest economies.

Meanwhile, official data released Tuesday showed a slight uptick in US job openings in April, even as layoffs also increased, signaling a cooling in labor market momentum.