Investing.com - Gold prices gained on Tuesday in Asia amid continuing political unrest in Hong Kong and uncertainties surrounding the Sino-U.S. trade war.
Gold futures were up 0.6% to $1,527.05 by 1:25 AM ET (05:25 GMT).
Political unrest in Hong Kong which saw the city’s airport cancelled all flights on Monday and Sino-U.S. trade concerns sent Asian stocks lower today and provided support to the safe-haven gold.
In a conference on Monday, Beijing said that the ongoing protests are at a “critical juncture” and the violence needs to stop, while protestors also held a press conference on the same day, blaming police for using excessive force as they fired tear gas and bean bag pellets at close range.
Traders also paid attention to news on the Sino-U.S. trade developments. On Tuesday, the People's Bank of China lowered its official yuan midpoint for the ninth straight day to 7.0326 per dollar.
The yuan has become a focal point since last week when Beijing allowed the currency to fall below 7 per dollar, prompting Washington to officially label Beijing as a currency manipulator and further escalated the ongoing trade war between the two sides.
The two sides are scheduled to hold another round of in-person trade talks next month, but U.S. President Donald Trump said earlier this week that it is “fine” if the meeting is called off, and that he was “not ready” to make a deal with Beijing.
Meanwhile, the U.S. Federal Reserve annual symposium at Jackson Hole later in the week will be in focus, as traders hope to get some clarity on the future path of interest rates.