💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Safe-haven Gold Near Flat as Traders Cautious About Limited Trade Deal

Published 12/16/2019, 01:04 AM
Updated 12/16/2019, 01:05 AM
© Reuters.
XAU/USD
-
GC
-

Investing.com - Prices of the safe-haven gold were near flat on Monday in Asia as traders remained cautious about the limited trade deal agreed between the U.S. and China last week.

Gold Futures for February delivery on New York’s COMEX last traded at $1,480.50 by 12:55 AM ET (04:55 GMT), down 0.03%.

The "phase one" trade agreement was announced on Friday. Under the deal, the U.S. suspended some tariffs on Chinese goods that was due to go into effect on Sunday. In return, U.S. exports to China will nearly double over the next two years, according to U.S. Trade Representative Robert Lighthizer.

Lighthizer added that thereis no scheduled date set for the second phase of talks, he noted. His comments contracted remarks by U.S. President Donald Trump, who said the phase two negotiations would start “immediately, rather than waiting until after the 2020 Election.

“Gold bulls believe there are more unknowns than knowns with this trade deal and that’s why gold prices haven’t really fallen much in recent days,” said Adam Sarhan, chief executive at 50 Park Investments in Orlando, Fla.

Elsewhere, investors will pay attention to remarks from several Fed officials in the coming days after the Fed decided to hold rates steady last week.

Dallas Fed President Robert Kaplan, New York Fed President John Williams and Eric Rosengren of the Boston Fed are all due to speak on Tuesday, while Chicago Fed President Charles Evans is scheduled to speak a day later.

Fed Chairman Jerome Powell has said the banks view of the economy remains favourable.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.