Plus   Neg

Gold Settles Lower As Dollar Rises Ahead Of Trade Talks, Fed Minutes

Gold prices drifted lower on Monday, as the dollar firmed up and traders looked to pick up equities ahead of resumption of trade talks between the U.S. and Chinese officials.

Traders were also looking ahead to the minutes of the Federal Reserve's recent policy meeting to know the central bank's outlook about future interest rate cuts.

The dollar recovered after recent losses. The dollar index rose to 99.01, and was last seen hovering around 98.95, up 0.15% from previous close.

Gold futures for December ended down $8.50, or about 0.6%, at $1,504.40 an ounce.

On Friday, gold futures for December ended down $0.90, or nearly 0.1%, at $1,512.90 an ounce, after having moved up 0.4% a session earlier.

Silver futures for December ended down $0.085, at $17.540 an ounce, while Copper futures for December settled at $2.5770 per pound, gaining $0.0145.

On the trade front, U.S. President Donald Trump said on Friday his administration had a "very good chance" of agreeing a trade deal.

Meanwhile, a report in Bloomberg, citing some people familiar with the discussions, said Chinese officials are reluctant to agree to a broad trade deal pursued by U.S. President Donald Trump.

Specifically, Premier Liu He is said to be ruling out commitments to reform Chinese government subsidies or industrial reform.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT