By Bryan Wong
Investing.com- Gold retreated on Tuesday morning in Asia, with a strong dollar on Tuesday pulling traction away from the yellow metal.
Gold futures were down by 0.85% to $1,798.65, by 1:12 AM ET (6:12 AM GMT), continuing to stay above the $1,800 mark.
However, losses were capped by the worsening COVID-19 situation globally. COVID-19 cases surpassed the 13 million mark as of July 14, according to Johns Hopkins University data.
Cases continued to surge in the U.S., with California announcing on Monday that it is rolling back the state’s reopening plans. State Governor Gavin Newsom halted operations for restaurants, wineries, movie theaters, zoos, card rooms, and bars statewide, hampering hopes of economic recovery.
Growing tensions between the United States and China also capped the retreat. U.S. Secretary of State Michael Pompeo said on Monday that China’s claims to offshore resources throughout the South China Sea are unlawful.