Gold Trades Steady After Wednesday’s Steep Decline
After a steep decline lower on Wednesday, gold is trading steady but still weak. At the time of writing, GOLD is trading at a little above $1,508.
Gold had surged following reports of Trump’s impeachment inquiry as investors drove away from the dollar into safe haven assets. The safe haven appeal of the yellow metal was diminished after Trump remarked that a trade deal with China could happen sooner than expected.
After over a year of escalating trade tensions between the two world leaders weighing on the global economy, this came as a much-needed relief. However, markets remain cautious as this is not the first time Trump has expressed optimism, only to worsen the situation all over again.
Later today, gold prices could be affected by the release of the US GDP data. A weaker than expected figure could drive bullish moves in the precious metal.
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