Gold erases earlier gains, closes slightly lower

Gold slipped during trading hours today, to surrender its gains it reached earlier in the session, as the US dollar rebounded against most major currencies.

The market's worries about the escalation of the US-China trade dispute pushed investors to safe havens such as gold, but President Trump's positive remarks about the possibility of trade deal brought back hopes.

Demand on gold also eased ahead of the session close, with focus shifting to the Federal Reserve Chairman Jerome Powell's speech and the release of the minutes of the last Fed's meeting tomorrow.

As of 18:57 GMT, the dollar index rose by 0.2% to 99.1 points, with a session-high of 99.2 and a low of 98.8 points.

Gold futures for December delivery fell by 0.1% to close at $1,503.90 an ounce, with a high of $1,515.3 and a low of $1,492.1.