FLASH: Gold Steady, USD Up, Crude Oil Flat, Stocks Up
- Crude Oil prices were little changed Tuesday
- Gold prices steady as US-China trade optimism sparks market cheer
- Investors await FOMC meeting at the end of the month
Gold: Gold was muted Tuesday, weighed down by buoyant Asian shares that cheered progress in trade talks between the US and China, but found support from a lack of clarity in the negotiation details.
- Spot gold unchanged at $1,484.86 oz, as of 0632 GMT, and,
- US gold futures held firm at $1,487.80 oz
China and the United States have achieved some progress in their trade talks, Chinese Vice Foreign Minister Le Yucheng said Tuesday, adding that as long as both sides respected each other, no problem could not be resolved.
Energy: Crude Oil prices little changed Tuesday, as worries over a global economic slowdown that could hurt demand offset some signs of progress in US-China trade talks.
- ICE Brent Crude Oil futures down 6c, or 0.1% to $58.90 a bbl by 0309 GMT,
- NYMEX WTI Crude Oil futures flat at $53.31 bbl.
President Trump Monday said efforts to end a US trade dispute with China were going well as negotiators from the 2 nations work to nail down a Ph 1 trade deal text for their leaders to sign next month when they meet at November’s APEC Summit
Commodity markets were cautiously optimistic amid signs that a trade deal was close to being signed by the US and China
Equities: MSCI’s broadest index of Asia-Pacific shares sans Japan gained 0.4% Tuesday.
Equities markets are in a risk-on mode, and there seems to be a lack of support for gold prices and precious metals, and that fears of a no-deal BREXIT ebbed and progressing US-China trade talks gave markets some relief.
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