Gold slips as US & China get closer to phase-I trade deal

Gold slipped from its key $1,500 level early November after Federal Reserve Chair Jerome Powell suggested that the Fed would not go for any more rate cuts this year.

Nov 18, 2019 01:11 IST India Infoline News Service

Global gold prices slipped on Monday in Asia amid reports that the US and China are nearing a trade deal. Xinhua, Chinese state media, reported that high-level officials from China and the US has "constructive talks" about a phase-one trade deal over a phone call Saturday morning.

Gold futures for December delivery were down 0.2% to $1,466.25/ounce.

Gold slipped from its key $1,500 level early this month after Federal Reserve Chair Jerome Powell suggested that the Fed would not go for any more rate cuts this year.

Further, China reduced the seven-day reverse repurchase agreements for the first time since 2015, which enhanced sentiment.

Meanwhile, MCX Gold Dec Futures were trading at Rs37,934/10g, down 0.17%.

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