Gold's price (XAU/USD) hit a new all-time high on Monday at $2,956, though traders were unable to enjoy it for long.
The precious metal trades at around $2,940 at the time of writing on Tuesday, while US President Donald Trump's administration plans to impose more limitations on China's technological developments. A tougher stance on semiconductor restrictions and pressuring other allies to corner China is part of that strategy.
The news creates a negative tone in markets this Tuesday. Traders are fleeing into bonds as a safe haven, which is pressuring yields for more downside (inverse correlation bond price to yield).
Equities are also being slaughtered, with red numbers across the board from Asia to Europe, including US equity futures.
Except for three Federal Reserve (Fed) members who are set to speak, not much is expected on Tuesday ahead of the Personal Consumption Expenditures (PCE) due on Friday.
Source: FXStreet
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