"The trade war is only becoming more complex, all of the sudden encompassing issues related to capital markets, moral concerns, and cultural institutions. For markets, this is complicating an already complicated situation," IG market analyst Kyle Rodda tweeted this morning.
Meanwhile the US and Japan yesterday signed two new trade agreements.
Gold has bobbed back up over US$1,500 an ounce to $1,507/oz on the spot market.
Copper closed down about 0.8% on the London Metal Exchange yesterday, amid the trade fears and reports of China's copper downstream activity contracting for the third month in a row in August during a low consumption season and poor weather.
Metals and mining stocks were off about 1.4% in Toronto yesterday, although gold major Barrick Gold (TSX: ABX) gained about 2.5%.
In London, precious metal miners Polymetal International (LSE: POLY) and Fresnillo (LSE: FRES) rose 2.7% and 2% respectively.
It set the scene for a positive day for Australian gold equities.