Investing.com - Gold prices steadied on Friday in Asia as traders awaited more trade news.
Gold Futures for December delivery inched up 0.1% to $1,465.85 by 1:35 PM ET (05:35 GMT).
Fate of the impending “phase one’ trade deal was in focus after Washington passed two bills intended to support protesters in Hong Kong and send a warning to China on its human rights policies.
Despite the news, Chinese President Xi Jinping said today that China still wants to reach an initial trade agreement with the U.S.
"We want to work for a 'phase one' agreement on the basis of mutual respect and equality," Xi told representatives of an international forum. “..we have been working actively to try not to have a trade war. We did not initiate this trade war and this is not something we want."
However, Xi noted that China is not afraid to retaliate when necessary.
Meanwhile, the Wall Street Journal also reported that Beijing has invited U.S. trade negotiators for a new round of face-to-face talks.
While not a directional driver, a Goldman Sachs report received some focus today as it predicted China’s economy will grow by 5.8% in 2020, helped by resilient consumer spending and an easing trade tensions.
“Both sides have an incentive to bargain aggressively and each appears to perceive it has the advantage,” according to the report. “We see the next few weeks as the critical phase, before the scheduled December 15 tariff implementation.”