Gold Under Pressure as Officials Hint at Progress in US-China Trade Talks
Early on Monday, gold prices are sliding lower as the market sentiment improves over hopes of the US and China getting closer to finalizing and signing their interim trade deal. At the time of writing, GOLD is trading at a little above $1,465.
Over the weekend, US and Chinese trade teams held constructive discussions on key issues of the phase one trade agreement, and while no details were shared, the official statements point towards a positive tone so far. Gold has also been trading under pressure as a result of the rally in Wall Street late last week signaling further improvement in the market sentiment.
Gold, however, remains supported as protests in Hong Kong rage on and the violence ensues. As the political crisis continues to escalate, the Chinese army has been deployed to help maintain public order for the second time in 22 years. The heightened tensions in Hong Kong are keeping the safe haven appeal of gold in favor for now, preventing too severe a slide on rising optimism around the US-China trade war.
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