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Gold is retreating after encouraging signals from both China and US

2019-11-04 10:04 am | Resource: News | No Views : 17

Gold is retreating after encouraging signals from both China and US

 Gold prices fell on Monday, affecting the precious metal. US stocks traded slightly higher ahead of Monday after encouraging signals from both China and the United States amid trade talks. BEIJING - Chinese President Xi Jinping and his US counterpart Donald Trump are in constant contact for the upcoming signing of the first phase of the agreement. At the same time, US Commerce Secretary Wilbur Ross raised optimism after saying that tariffs on cars from Europe may not be necessary.

The United States and China reach a consensus on trade

 The United States and China reached a consensus on trade talks on Friday when Vice Premier Liu He spoke with Treasury Secretary Stephen Mnuchin and US Trade Representative Robert Leitzer, the Commerce Ministry found in Beijing. The business deal was agreed "in principle" in a phone call earlier today, as the agreement was confirmed. The US official also said the two sides talked about more trade talks.

Earlier, US President Donald Trump announced that the so-called trade deal for the first phase would be signed shortly after the Asia-Pacific Economic Cooperation summit in Chile was canceled due to protests in the South American country. Trump was supposed to meet Chinese President Xi Jinping at the summit and sign the agreement on Nov. 17.

US stock futures are rising on the basis of optimistic trade

In earnings, all eyes will be on Under Armor and Uber as quarterly results are expected to be released later on Monday.
  • The Dow rose 0.31% at 5:30 am ET to continue the uptrend from the previous session.
  • Meanwhile, the S&P 500 and Nasdaq 100 rose 0.39% and 0.44% respectively after hitting Friday's highs.

Meanwhile, the dollar index, which tracks the performance of the greenback versus a basket of six currencies, was steady at 97.22 points. The euro was unchanged against the dollar, trading at 1.11594 at 10:30 am CET.

Precious metal trades
  • Spot gold fell 0.1 percent to $ 1,511.42 an ounce by 0519 GMT
  • US gold futures rose 0.2 percent to $ 1,513.90 an ounce.


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