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Gold prices edged up in early Asian trade on Wednesday as the U.S. dollar and Treasury Yields fell amid persistent worries regarding global trade after the U.S. hit its allies' imports with hefty tariffs.
Spot gold rose 0.2 percent at $1,297.64 per ounce at $1,297.64 per ounce. U.S. gold futures for August delivery were stable $1,301.80 ounce. The dollar index, which gauges the greenback against a basket of six major currencies, was down 0.1 percent at 93.829.
U.S. Treasury yields declined on Tuesday as traders flocked back into lower-risk government debt after Italy's new prime minister pledged to introduce economic policies that could make the nation's already-heavy debt load bigger.
Across the Atlantic, U.S. President Donald Trump is considering a shift in the effort to overhaul the North American Free Trade AGreement to separate talks with Canada and Mexico, White House economic adviser Larry Kudlow said on Tuesday.
This caused Mexico to hit back with tariffs on American products ranging from steel to pork and bourbon on Tuesday, retaliating against import levies on metals imposed by President Donald Trump and taking aim at Republican strongholds before the U.S. congressional elections in November.
The European Union does not anticipate any breakthrough on steel and aluminum tariffs imposed by the U.S. on the EU and Canada at talks of G7 leaders in Canada later this week, a top EU official said on Tuesday.
