Gold Trades Steady as Safe Haven Appeal Reappears in Markets
On Tuesday, gold is trading steady but weak as equities continue to rally on optimism about a US-China trade deal. At the time of writing, GOLD is trading at a little above $1,456.
On Monday, Wall Street stocks rose to record highs from the record low levels they were trading at during last week. However, markets continue to trade cautiously over reigning uncertainty and confusion regarding any progress towards a trade deal after Trump rejected the idea of cancelling tariffs on Chinese imports.
Gold prices are supported over a slight risk-off sentiment in markets as the situation in Hong Kong remains tense. Violent clashes erupted between protesters and the police over the weekend, heightening the safe haven appeal of the precious metal. In case the situation worsens, it could spell more bad news for financial markets, which could drive a rally in gold.
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