02.09.201908:41:00UTC+00Gold Futures Modestly Higher On Safe-haven Appeal

Gold prices edged higher Monday morning on safe-haven appeal after the new tariffs imposed by the U.S. and China on each other's goods took effect over the weekend.

However, the positive trend in European stock markets and a steady dollar limited gold's uptick.

Volume of business in is somewhat thin on Monday as U.S. financial markets are closed for the Labor Day holiday.

The dollar index rose to 99.10 earlier in the day and was last seen hovering around 99.05, up 0.13% from previous close.

Gold futures for December were gaining $3.70, or 0.25%, at $1,533.10 an ounce. Gold prices had drifted lower in the previous three sessions, although they gained over 6% for the month.

Silver futures for December were rising $0.103, or 0.57%, at $18.445 an ounce, while Copper futures for December were declining $0.0110, or 0.41%, at $2.5405 per pound.

Although stock markets in Europe moved higher this morning, worries about global slowdown continue to linger following a new round of tariffs by the U.S. and China taking effect over the weekend.

U.S. tariffs on $112 billion worth of Chinese imports went into effect on Sunday, while China started to impose retaliatory tariffs on some of the U.S. goods on its $75 billion target list.

Meanwhile, U.S. President Donald Trump has tweeted that both sides would still meet for talks later this month.