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Gold near stable Wednesday after Trump address

Gold near stable Wednesday after Trump address

Mubasher: Gold prices almost stabilised on Wednesday after gaining 0.3% in the prior session, as investors anticipated US President Donald Trump’s State of the Union address, looking for hints on the outlook for Sino-US trade.

At 12:49 am GMT, spot gold stood stable at $1,315 per ounce, while US gold futures firmed at 1,319.10 per ounce.

By 8:52 am GMT, spot gold inched up 0.02% to $1,315.56 per ounce, while gold futures ticked down 0.02% to $1,319 per ounce.

President Trump was set to ask Congress in his speech to pass legislation to shore up the US aging infrastructure, without explaining how to pay for it, administration officials told Thomson Reuters.

Senior US and Chinese officials are poised to start another round of talks in Beijing next week in an attempt to reach an agreement to protect US intellectual property.

The talks would also aim to avoid a postponed US tariff hike on Chinese goods due on 2 March, two sources familiar with the plans told Reuters on Tuesday.

Trump pledged to raise tariffs on $200 billion in Chinese imports to 25% from 10%, by 5:01 am GMT on 2 March, should both sides fail to reach an agreement.

The US Federal Reserve should leave interest rates at their current level until the US economic outlook becomes clearer, Dallas Fed President Robert Kaplan said on Tuesday.

The US central bank last week left interest rates unchanged, pledging a “patient” approach before any future moves.