Gold slips after hitting 1-week high on trade war fears

New York

GOLD prices slipped on Wednesday after hitting a one-week high on news that a top economic adviser to the Trump administration had resigned, stoking fears of a trade war and knocking down the dollar.

Market watchers said the departure of economic adviser Gary Cohn, a former Wall Street banker, would embolden protectionist forces in the US administration as President Donald Trump tries to impose hefty tariffs on steel and aluminium.