Gold retreats after Navarro clears trade deal mixup


LONDON: Gold was down on Tuesday morning in Asia, with the yellow metal easing from an earlier surge on the back of U.S. comments about its trade deal with China.
White House trade advisor Peter Navarro sparked temporary investor panic on Monday after he said that the U.S-China trade deal was “over”.
But Navarro quickly added that his comments were taken “wildly out of context,”, with U.S. President Donald Trump also tweeting that the phase one deal between the two countries, was “fully intact”.
Gold futures fell 0.07% to $1765.25 by 1:08 AM ET (6:08 AM GMT), with investors retreating from the safe-haven asset after the clarifications.
Stocks, which usually move in the opposite direction to gold, were up after an earlier, temporary dip on Monday.