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Gold prices are rising but heading for a weekly close on the red

2019-11-08 09:52 am | Resource: News | No Views : 41

 Gold prices are rising but heading for a weekly close on the red

Gold prices rose during Friday's trading from the lowest level in three months and yet it is heading to record weekly losses, in light of trade optimism and gains of global stock markets. China and the United States have made progress in the trade talks, and there are possibilities for a gradual reduction of additional import tariffs as the partial trade agreement approaches.

US Stocks Slightly Lower in Futures Trading

Wall Street stocks fell slightly on Friday as traders watched trade developments. With little economic calendar and corporate profits, the US-China trade deal remained in focus.

The deal may be signed in early December, according to reports. China claimed earlier that it had agreed with Washington to abolish existing tariffs, while White House trade adviser Peter Navarro said there was no such agreement. Meanwhile, press reports said there was opposition from within the White House and advisers to the proposal for a gradual and simultaneous abolition of China-US import tariffs, which China described as essential for signing the partial trade agreement.
  • The Dow was steady at 4:20 am EST.
  • The S&P 500 and the Nasdaq 100 fell 0.11% and 0.20% respectively.
The dollar index, which tracks the performance of the greenback versus a basket of six major currencies, was steady at 98.138 points as the euro rose only 0.015 against the dollar at the same time, buying 1.10461. The Chinese currency also fell against the dollar by about 0.2% to 6.9902 yuan, by 12:00 pm Mecca time.

Gold Trading
  • Gold futures for December delivery rose by 0.3% or equivalent to $ 4.70 at $ 1471.1 an ounce by 09:41 am Mecca time, after recording the level of $ 1466.40 an ounce
  • The spot price of yellow metal rose 0.16%, or $ 2.38, to $ 1469.89 an ounce, but is still down this week by 3%, the largest pace since May 2017.

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