Investing.com - Gold prices slipped on Tuesday in Asia after trade talks between the U.S. and China showed signs of progress.
Gold Futures slipped 0.1% to $1,462 per ounce by 1:30 AM ET (05:30 GMT).
“Gold today is pulling back (but) still within the expected $1450-$1500 range mostly due to optimistic remarks on China-US tariff deal,” said George Gero, precious metals analyst at RBC Wealth Management in New York.
Beijing and Washington were “very close” to an initial trade agreement, Chinese newspaper Global Times reported, citing experts close to the talks.
Separately, China’s Ministry of Commerce said top negotiator on trade Liu He talked with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Tuesday morning.
“Both sides discussed resolving core issues of common concern, reached consensus on how to resolve related problems (and) agreed to stay in contact over remaining issues for a phase one agreement,” the Chinese-language statement said.
However, some analysts said the fact that there is no major selling in the gold markets suggested that people are still sceptical about these developments.
The trade war is closing in on its 17th month. The nations were reportedly scheduled to sign the partial deal last month in Chile during the APEC summit. However, the signing did not happen as Chile was forced to cancel the summit due to local civil unrest.
Reuters reported this week that the two sides might not reach an agreement before the end of this year.