Gold trades flat as trade deal uncertainty prevails

In latest news, China has invited top US trade negotiators for a new round of face-to-face talks in Beijing after reports said that a "phase one" trade deal may not be signed this year.

Nov 22, 2019 06:11 IST India Infoline News Service

Gold prices were little changed amid worries regarding the interim trade deal being between the United States and China this year.

Spot gold was flat at $1,464.36/ounce. US gold futures were up 0.1% at $1,464.60/ounce.

In latest news, China has invited top US trade negotiators for a new round of face-to-face talks in Beijing after reports said that a "phase one" trade deal may not be signed this year.

The Fed has cut interest rates thrice this year as insurance to protect growth from the trade war. Lower interest rates lower the opportunity cost for holding gold.

In addition, on the US economy front, data on Thursday showed that US weekly jobless claims stood unchanged and manufacturers reported a slowdown.

MCX Gold Dec Futures were up 0.23% on weak equities, while MCX Silver Futures remained unchanged. 

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