Gold dips as dollar gains and trade deal hopes lift world stocks
Markets eye China-US talks on hopes of trade deal as SPDR Gold holdings near August highs, with palladium trading near a record high
Bengaluru — Gold prices fell on Tuesday, as the dollar recovered from lows and hope for a trade deal between China and the US whetted risk appetite, making bullion less attractive. Spot gold slipped 0.4% to $1,283.43 an ounce as of 10.40am GMT. US gold futures were 0.4% lower at $1,284.50 an ounce. The dollar index was 0.2% higher against its peers, having dropped to its lowest since October 22 the previous session. “At the moment, the dollar is recovering, which is one of the reasons gold prices are lower,” said ABN AMRO analyst Georgette Boele. “At the same time, markets are nervous ahead of discussions going on between US and China.” Stock markets were trading higher as investors anticipated that the China-US trade spat was nearing a close and that the US Federal Reserve would halt its monetary policy tightening if economic growth slows further. As Washington and Beijing resumed talks, US commerce secretary Wilbur Ross said on Monday that the two biggest economies could reach a t...
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