Previous Metals Preview: Gold hovers around $3400 per ounce

COMEX Gold futures consolidated around one week low of $3400 per ounce on Tuesday following Mondays sharp drop of 2%. The metal tumbled after US President Donald Trump clarified that gold would not face import tariffs, reversing earlier reports that had unsettled markets. Trump also extended the US ? China trade truce by 90 days, easing tensions between the two largest economies and further trimming safe - haven demand. A tepid reading on the US inflation front yesterday kept gold in a range and the metal hovers around $3400 per ounce.

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