2018.08.0907:03:00UTC+00Gold Inches Higher Ahead Of US-Japan Trade Talks

Gold edged higher on Thursday as investors await the outcome of trade talks between the United States and Japan later in the day.

Spot gold was up 0.19 percent at $1,214.96 an ounce after rising 0.2 percent in the previous session. U.S. gold futures were up 0.13 percent at 1,222.60 an ounce.

The dollar stayed around 111 yen as officials from both countries hold the first round of new ministerial trade talks in Washington. The talks are expected to run through Friday.

The Chinese yuan steadied versus the dollar after losing around 6 percent in the past two months.

China on Wednesday slapped additional import tariffs of 25 percent on $16 billion worth of U.S. goods in retaliation for tariffs on China imposed by U.S. President Donald Trump.

Also on Wednesday, Washington said it would soon impose new sanctions on Russia after determining Moscow had used a nerve agent in the attack against a former Russian spy in Salisbury.

The Russian rouble sank to hover near its lowest level in nearly two years and the Turkish lira hit a fresh record low, reflecting rising geopolitical tensions.