(Kitco News) - Gold pricesare sharply down and have sunk to a nearly six-month lowin late-morning action Friday. A slumping raw commodity sector in the face of apotential worldwide trade war among major global economies has hit rawcommodity prices hard today. The Trump administration has today slapped newimport tariffs on Chinese goods coming into the U.S. The gold market on thisday has decided to act like a raw commodity instead of a safe-haven store ofvalue, despite some risk aversion in the marketplace today. A surging U.S. dollar index that hit an 11-month high today is alsoworking against the precious metals markets. The drop in gold below what wasstrong chart support at the May low triggered sell stop orders and weak longliquidation in the futures market, which is likely to drive prices even lowerin the near term. Augustgold futures were last down $20.30 an ounce at$1,288.00.
By Jim WyckoffFor Kitco News
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