logo
Plus   Neg
Share
Email

Gold Hovers Near One-week High Amid Mixed Trade Signals

Gold prices hovered near one-week high on Thursday amid safe-haven buying in the wake of a slew of conflicting reports around today's U.S.-China trade talks.

Spot gold edged up 0.1 percent to $1,506.93 per ounce, after having touched as high as $1,516.77 early in the session, its highest level since Oct. 3. U.S. gold futures were little changed at $1,511.55.

The United States and China made no progress in deputy-level trade talks held on Monday and Tuesday in Washington, the South China Morning Post (SCMP) said, citing sources.

The White House has denied reports suggesting that Chinese Vice Premier Liu He is planning to leave Washington on Thursday after just one day of minister-level meetings.

A report from Bloomberg News said China is still open to reaching a partial trade deal with the U.S. as long as Trump doesn't impose any more tariffs.

It was said that Beijing was ready to offer non-core concessions like purchases of agricultural products without giving in on major sticking points.

The U.S. tariff rate on about $250 billion of Chinese goods will increase to 30 percent from 25 percent on Oct. 15 if no progress is made in the negotiations.

Gold prices are also receiving some support from the prospect of more policy easing from the Federal Reserve, as indicated in the Fed minutes on Wednesday.

For comments and feedback contact: editorial@rttnews.com

Market Analysis

Follow RTT
>