Gold reversed course on Tuesday, breaking back below $1,500 per ounce after the United States said it would delay tariffs on some Chinese products.

The Office of the U.S. Trade Representative said the Trump administration will delay 10% tariffs on certain Chinese products, including laptops and cell phones, that had been scheduled to start next month. 

Gold prices had touched 6-year highs earlier in the session at $1,534, as unrest in Hong Kong and a crash in the Argentine peso drove investors into safe havens. 

Market focus is now on the U.S. Federal Reserve's annual symposium next week for clues on the future trajectory of interest rates

Meanwhile hedge funds and money managers raised their bullish stance in COMEX gold contracts in the latest week.

Where are commodity prices heading next?  Watch Phil Carr at The Gold & Silver Club review Gold with the latest price forecast and predictions:

 

 

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