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Gold slips on improved risk appetite as hopes for a trade deal are boosted

2019-09-05 11:33 am | Resource: News | No Views : 41

 Gold slips on improved risk appetite as hopes for a trade deal are boosted

 Gold prices fell on Thursday as easing political fears and expectations of further easing by central banks helped lift investor appetite for riskier assets. Silver also fell about 2.5% on Thursday after Chinese officials said trade negotiations with the United States were going well and announced a round of direct talks for October.

Chinese Vice Premier Liu He held a telephone conversation with US Trade Representative Robert Lightzer on Thursday, the Chinese Ministry of Commerce said, saying negotiators had agreed to take "concrete action" to create good conditions for trade talks. Earlier, President Donald Trump claimed that China was struggling under pressure in the current "trade war." He also described Huawei as a "major security concern" and said Washington would not cooperate with the Chinese technology giant.

Meanwhile, investors also moved towards equities, away from safe-haven assets such as precious metals, as chances of Brexit slumped after a vote in the British parliament. The ECB is also expected to cut its deposit rate and restart its asset purchase program when it meets next week.

Elsewhere, Hong Kong's leader today urged pro-democracy protesters to end their demonstrations after the repeal of an unpopular rendition law. Lam insists that the decision to withdraw the extradition bill was made by her and her government, not the Chinese central government in Beijing.

Precious Metals Trading
  • Spot gold fell 0.7 percent to $ 1,541.52 an ounce after hitting $ 1,557 on Wednesday, the highest level since April 2013.
  • US gold futures fell 0.65 per cent to $ 1,549.84 an ounce.
  • Silver hit a daily low of $ 19.11 an ounce, falling 2.22% at 12:10 CET where it traded at $ 19.16 an ounce.
  • Platinum fell 1.06% to $ 976.78 an ounce at 6:11 am CET.
  • Palladium fell 0.39%, trading hands for $ 1,552.97 an ounce at the same time.


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