Gold Down As U.S.-China Tensions Infect Safe-Haven Asset By

© Reuters.

By Gina Lee – Gold was down Wednesday morning in Asia, as even the safe-haven asset was infected by the mounting U.S.-China tensions.

Protests are planned in Hong Kong on Wednesday as the Legislative Council debates a national anthem bill. The legislature was surrounded by heavy riot police presence and 15 arrests have been made so far.

Relations between the U.S. and China soured during the previous week as China tabled national security laws for Hong Kong and Macau.

U.S. President Donald Trump is due to reveal his response to the legislation before the end of the week.

Meanwhile, China counter-threatened retaliation against any U.S. measures, which could include sanctions and visa restrictions for entities involved with enforcing the laws.

were down by 0.62% at $1,695.10, slipping below the 1,700 mark, by 1:01 AM ET (6:01 AM GMT) as investors retreated from the yellow metal.

Stocks, which usually move in the opposite direction to gold, were also down on Wednesday.

Meanwhile, investors will pay attention to U.S. Federal Reserve Chair Jerome Powell’s comments during an online discussion scheduled for Friday.

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