Gold benefits from safe-haven buying ahead of G20 meeting
The metal is set to increase for the second consecutive week as investors move into less risky assets
Bengaluru — Gold prices inched up on Friday, set to rise for the second consecutive week, on safe-haven demand for the metal ahead of the Group of 20 (G20) summit next week where the leaders of the US and China are set to discuss their trade dispute. Spot gold was up 0.1% at $1,227.90/oz at 4.39am GMT. The metal was up about 0.5% after a 1% gain last week. US gold futures edged 0.1% higher at $1,228.9/oz. President Xi Jinping is due to hold talks with US President Donald Trump at the G20 meeting that starts on November 30 in Argentina to reconcile their trade dispute. The US is set to raise its tariffs to 25% on $200bn of Chinese imports on January 1 from 10% currently. Trump has also threatened to impose tariffs on all Chinese imports unless US demands are addressed. “Investors are stepping in to hedge some of the possible tail risk from the G20 meeting next week,” said Stephen Innes, Asia-Pacific trading head at Oanda in Singapore, adding that the weaker dollar and US Federal Rese...
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