02.07.201808:10:00UTC+00Gold's Summertime Slump

Gold prices continued to fall Monday, touching 7-month lows ahead of U.S. manufacturing data.

The Federal Reserve is expected to raise interest rates and the dollar has strengthened amid risk aversion, driving most commodity prices lower. Stocks were set for another downbeat session amid U.S. trade squabbles.

Sept gold was down $4 at $1250/oz, having dropped 5.5% in the second quarter.

As U.S. tariffs on $34 billion of Chinese products take effect on July 6, China is expected to retaliate with duties of its own on American goods.

Meanwhile, Canada's retaliatory tariffs on American goods officially kicked in Sunday in a tit-for-tat response to the Trump administration's duties on Canadian steel and aluminum.