Gold prices are slightly lower in early US trading on Tuesday. With the US dollar hitting a three week high, gold was feeling the pressure moving down to $1,398 an ounce or at $44,959 per kilo.

The US dollar received a recent boost from stronger US economic data including last week’s upbeat employment report which gave a pause on the pending US interest rate cut.

The greenback has seen a recent boost from some stronger U.S. economic data, including last Friday’s upbeat employment report which gave a pause to those reckoning a U.S. interest rate cut was imminent.

In global politics, that are presently on the back burner of the marketplace, Iran continues its clash against the U.S. The regime said Monday it intends to further breach its nuclear agreement with the United Nations unless the U.S. eases economic sanctions against Iran.

The trade war between the US and China appears to be on hold with some news last week of an impending agreement between the world’s two major economies.

Also on Tuesday, the London Bullion Association and CME have reported record gold trade data. The LBMA reported for the month from June 6 to July 7, that more than 789 million ounces of gold were traded in OTC markets.

Gold Price 12 Month TrendSource: Gold Price. goldprice.org/gold-price-chart.html

CME on the other hand, said that the daily volume for June gold options increased to 105,000 contracts, up 134% compared to 2018.

In June, gold prices rose nearly 10% hitting a six-year high at $1,442.90 an ounce. Analysts noted that investors jumped back into gold as rising recession fears caused investors to aggressively price in lower interest rates from the Federal Reserve.