Gold Trades Steady Over Lack of Updates on US-China Trade Deal Even as Positive Data From US Weighs
Gold prices continue to trade steady into Wednesday, driven higher by lack of updates on the US-China phase one deal on the one hand, and weighed down by optimistic economic data releases from the US on the other. At the time of writing, GOLD is trading at a little above $1,476.
On Tuesday, US Trade Representative Robert Lighthizer remarked that details of increased purchases by China of US goods, including agricultural, manufacturing, energy and services, would be put into writing in the phase one trade deal. However, we received no further updates on when the draft of the interim trade agreement could be ready for signing, supporting the safe haven appeal of gold.
However, gold prices came under pressure after the manufacturing production in the US posted a strong rebound during November, while building permits soared to a 12.5 year high. US housing starts also climbed 3.2% higher in November to a seasonally-adjusted rate of 1.365 million units, beating economists’ expectations for a rise to 1.345 million units.
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