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Gold prices fell as trade tensions slowed between US and China

2019-08-16 08:39 am | Resource: News | No Views : 34

 Gold prices fell  as trade tensions slowed between US and China

Gold prices fell but are still heading for weekly gains for the third time in a row, as fears about trade between the two largest economies in the world eased relatively. Comments by President Donald Trump

 Wall Street jumps 150 points in futures trading on trade hopes

 Trade concerns eased relatively soon after US President Donald Trump said on Thursday he would make a phone call soon with his Chinese counterpart. The US president stressed that talks with Beijing in September were "continuing" and expressed optimism that there would be no retaliation for the latest tariffs on Chinese goods. The Chinese Foreign Ministry had earlier expressed hope that Washington would be ready to settle in future trade negotiations. Markets in Shanghai, Shenzhen and Hong Kong posted gains as sentiment improved.
  •  The Dow Jones Industrial Average jumped 153 points, or 0.60% at 08:19 CET.
  • The Nasdaq 100 rose 0.87% at the same time
  • The S&P 500 rose 0.65% in pre-market trading.
In the future, investors are waiting for more central bank facilities, especially from the US Federal Reserve, before committing to deeper positions in the yellow metal. Fed Chairman Jerome Powell will speak on August 23 at the annual central bankers' meeting in Jackson Hole, Wyoming. The subject of his remarks is "monetary policy challenges," according to the Federal Reserve's updated calendar on Thursday.

The euro traded steadily against the dollar at 2:20 am CET, trading at $ 1.11029.

Gold Trading
  • Precious metal futures fell 0.4% to $ 1525.2 an ounce, at 09:52 am CET,
  • Spot delivery fell 0.5% at $ 1515.9, bringing gold's gains this week to around 1.6%.

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