Gold Marks 10-month Highs On US-China Trade Talks Optimism

Gold Marks 10-month Highs On US-China Trade Talks Optimism

$GLD, $USD

Gold prices rose to 10-month highs Tuesday, as USD weakened, on optimism for a breakthrough in US-China trade talks, bullion also saw support as a safe-haven asset due to concerns over global growth.

  • Spot gold +0.9 at $1,338.21 oz
  • US gold futures +1.44% at $1,341.20 oz

A gauge of global stock markets rose modestly, although gains were hemmed in by concerns in Europe a car tariff could hurt the region’s exports to the United States.

Worries over a possible global economic slowdown buoyed gold prices. The World Trade Organization (WTO) warned of sluggish trade as a leading indicator of world merchandise trade hit its lowest reading in 9 years.

A new round of talks between the United States and China to resolve an extended trade dispute are happening place in Washington Tuesday, with follow-up sessions at a higher level later this week, following a round of negotiations in Beijing last week.

Stay tuned…

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