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Title : Gold Prices Decline Amid Positive News About Brexit, US-China Trade News
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Gold Prices Decline Amid Positive News About Brexit, US-China Trade News
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Gold prices fell on Friday in Asia amid positive news about Brexit and US-China trade news.
The stock market traded higher today after news suggested that the US and China might reach some kind of initial, or partial, trade agreement this week. The price of safe-haven gold, meanwhile, is falling. US gold futures for December delivery fell 0.2% to $ 1,498.85 at 01:22 ET (05:22 GMT).
The US and China can announce a limited trade agreement this week to prevent further increases in trade tension, the New York Times reported, citing an official of the US Chamber of Commerce who was briefed by the two negotiating teams.
Meanwhile, US President Donald Trump said the first day of trade negotiations was "very, very good," and that he would meet with Chinese Deputy Prime Minister Liu He later.
"Gold is still trading in a consolidated range at the moment and I believe it will remain there until there is an update on the meeting of President Trump and Deputy Prime Minister Liu He, positive or negative," said Eric Scoles, commodity strategist at RJO Futures in Chicago.
"When gold breaks, I would consider closing above $ 1,519.0 a strong bullish signal, or closing below $ 1,492.0 is very bearish." Meanwhile, positive developments in the Brexit situation also support stocks and weigh on safe-haven gold.
British Prime Minister Boris Johnson and Irish Taoiseach Leo Varadkar said in a joint statement that they had held "constructive" talks to avoid the chaotic Brexit and saw "the road to a possible agreement."
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