Gold Trades Steady After Trump’s Speech Lacks Updates on Trade Deal
Gold prices continue to trade weaker over rising risk appetite pushing investors away from the safe haven asset and towards equities and ..
Early on Wednesday, gold prices continue to trade weaker over rising risk appetite pushing investors away from the safe haven asset and towards equities and other riskier instruments. At the time of writing, GOLD is trading at a little above $1,458.
Gold continues to trade close to three month lows after a mostly quiet day of trading in the previous session as anticipation over Trump’s remarks on the trade war front fizzled out. While speaking at the Economic Club of New York on Tuesday, Trump failed to make any remarks confirming when and where the trade deal could be signed.
Gold has also weakened over a surge in benchmark government yields and stock markets. For now, markets remain cautiously optimistic about the trade war getting resolved, which are exerting pressure on the precious metal’s demand.
Ongoing protests raging on in Hong Kong are also likely to remain on the radar for gold traders. Any escalation in tensions could boost the safe haven appeal and send the precious metal higher.
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