Gold subdued ahead of Fed Chair speech, G20 summit

Gold prices inched lower on Tuesday while investors awaited clues on the pace of future U.S. interest rate hikes and as the U.S.-China trade spat sours ahead of a G20 summit.

Spot gold inched 0.1 percent lower to $1,221.70 per ounce at 0337 GMT.

U.S. gold futures were little changed at $1,222.1 per ounce.

Investors will hold steady until the minutes of the Federal Reserve meeting are released and more clarity emerges around the trade conflict leading into the G20 summit, said ANZ analyst Daniel Hynes.

In an interview with the Wall Street Journal, U.S. President Donald Trump said he expects to move ahead with raising tariffs on $200 billion in Chinese imports to 25 percent from the current 10 percent, and repeated his threat to slap tariffs on all remaining imports from China.

The comments ran counter to recent speculation about a possible deal when Trump meets with Chinese President Xi Jinping at the G20 summit in Buenos Aires later this week.

"When these concerns have elevated, investors have tended to seek haven in the U.S. dollar itself rather than gold. It has been an issue plaguing the gold market for a while now.

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