Gold prices little changed despite escalating trade tension

Prices of the safe-haven Gold remained little changed on Tuesday in Asia despite escalating trade tension between the U.S. and China.

News that the U.S. reiterated its view that China “backpedalled” on key elements of a trade deal that had been largely agreed raised concerns that two sides are still far away from agreeing on a trade deal. The U.S. also said China is playing a “blame-game” after Beijing accused the U.S. of “intimidation and coercion” and called U.S. demands as “exorbitant” In a white paper on trade over the weekend.

Asian stock markets were sent lower following the reports, but the yellow metal failed to attract safe-haven demand today. Global stocks were already under pressure this week amid heightened global trade tension.

In general, gold tends to act as the safe haven of choice in times of political and economic troubles.