Gold Trades Steady as Markets Await Confirmation of Schedule for Signing US-China Trade Deal

Gold prices continue to trade slightly bullish into the second trading day of the week as markets await more updates on when the US-China

Arslan Butt•Tuesday, December 17, 2019•1 min read

Gold prices continue to trade slightly bullish into the second trading day of the week as markets await more updates on when the US-China phase one trade deal will be signed. At the time of writing, GOLD is trading at a little above $1,475.

The recent bullish rally in gold came to a halt late last week when the US and China announced that they had arrived at an agreement surrounding the phase one trade deal. The mood in the markets was instantly lifted, sending stock markets towards record highs while the safe haven appeal of gold dipped lower.

As per the interim trade deal, China has agreed to purchase more agricultural products from the US in exchange for the US suspending some tariffs and reducing some others on Chinese imports. This deal was announced just in time before the next round of tariff hikes were to be implemented on around $156 billion worth of Chinese goods.

However, gold prices continue to trade steady as markets await concrete confirmation on the exact schedule for the signing and roll-out of the phase one agreement. Gold is likely to remain supported until clarity emerges on the impact this trade agreement will have towards relieving trade tensions between the US and China, and its spillover effect on other economies worldwide.

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ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.