Bengaluru — Gold prices edged lower on Wednesday, retreating from a one-month peak hit in the previous session as optimism surrounding trade talks between Washington and Beijing soothed investor concerns, boosting global stocks and the dollar. Spot gold fell 0.2% to $1,295.02/oz by 5.01am GMT. US gold futures edged 0.1% lower to $1,295.50/oz. “Gold is restrained as people are still interested in the dollar. The $1,300 level also looks like a good resistance,” said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. The dollar held firm in early Asian trading, having been supported on Tuesday by US President Donald Trump downplaying the recent escalation in his trade war with China as “a little squabble” and insisting that talks between the two countries had not collapsed. A stronger dollar makes gold more expensive for holders of non-US currency. Simultaneously, Asian stocks also turned cautiously optimistic surrounding trade developments between the two countries...
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