By Gina Lee
Investing.com- Gold prices in Asia fell on Tuesday morning, although rising concerns of inflation have hurt the yellow metal business for more than a week in the previous session.
After hitting 0.42% by 11:50 PM ET (3:50 AM GMT) and rising to $ 1,760.10, $ 1,770.41, it is the highest since Monday 23rd September. The dollar, which usually moves in the opposite direction of gold, rose on Tuesday.
U.S. Trade Representative Catherine therefore on Monday dropped some Chinese imports from the tariffs imposed by former U.S. President Donald Trump. He called for “frank” talks with China over its failure to honor the Trump-era trade agreement and its industrial policy commitments.
Separately, incumbent U.S. President Joe Biden warned that the government could exceed the 28 28.4 trillion limit to enter the 28-year default unless Republicans add their votes to increase it within the next two weeks.
Meanwhile, data released on Monday in the United States showed a better-than-expected 1.2% growth in August.
In the Asia-Pacific region, Indian gold imports increased by 202058% in September, with local price changes encouraging jewelry retailers to increase purchases ahead of the upcoming festive season.
It also handed over 0.10% of its policy decision the day before. The Reserve Bank of New Zealand will make its decision on Wednesday, two days after the Reserve Bank of India.
Among other precious metals, silver and platinum fell 0.6% and 0.7%, respectively, while palladium fell 0.2% to 9 1,900.58.
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