Gold Climbs Higher Over Lack of Updates on Trade Deal Progress
Gold prices are edging higher after losing 1.7% in the previous trading session as markets wait for further developments on the US-China ..
Early on Wednesday, gold prices are edging higher after losing 1.7% in the previous trading session as markets wait for further developments on the US-China interim trade deal. At the time of writing, GOLD is trading at a little above $1,486.
It’s been a couple of days since the US and China confirmed that negotiations were making progress and that a deal could be signed within this month. While these developments helped lift the mood in the markets, there have been no further updates on the schedule for the signing of the trade deal yet, making traders wary and cautious in today’s trading.
Gold has inched slightly higher after treasury yields in Asia slid lower. Gold is likely to gain its safe haven appeal until the US and China make significant announcements on when and where the Phase 1 trade deal would be signed.
However, a strengthening in the US dollar is exerting some pressure on gold prices, keeping gains in check. When the dollar strengthens against other currencies, it makes it more expensive for holders of other currencies to purchase the precious metal.
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