A stronger US dollar weighed on base and precious metals.
“It was a difficult day for traders across the commodity complex as the resignation of Gary Cohn, a key White House Economic Advisor, raised the likelihood that Trumps tariff plan would be enacted,” ANZ Research said.
“Fears centre on what this will mean for global trade more broadly.”
US stocks were slightly lower, though ASX futures were 22 points up.
After rising as high as US$1335 yesterday, gold dropped to as low as $1323/oz this morning but was last sitting at around $1326/oz.
Australian dollar spot gold, which was trading at A$1722/oz yesterday, dropped back to $1694/oz.