Gold prices gained on Wednesday as dollar weakened after the U.S. slapped tariffs on $50 billion worth imports from China. Trading tensions were cited as a catalyst for the buying as investors stayed away from risk assets. The Trump administration proposed on Tuesday to impose 25% tariffs on nearly $50 billion worth of made-in-China products - around 1,300 industrial technology, transport and medical products to be particular. Dollar-denominated assets such as gold are sensitive to moves in the dollar – a fall in the dollar makes gold cheaper for holders of foreign currency and thus increases demand for the precious metal. More directional drivers for the dollar this week will be the U.S. payrolls data and comments by Federal Reserve Chairman Jerome Powell.
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