Mubasher: Gold prices recorded one-week peaks earlier on Thursday, trading above $1,500, as investors fled to safe-haven bullion after mixed signals over US-China trade, according to Reuters.
By 10:25 am GMT, spot gold inched up by 0.07% to $1,506.61 per ounce, having scaled $1,516.77 per ounce earlier in the day, its highest level since 3 October, while US gold futures inched down by 0.07% to $1,511.70 per ounce.
On the one hand, a New York Times report said that the US will soon grant licences allowing some US companies to sell non-sensitive supplies to Chinese telecommunications giant Huawei.
In addition, Bloomberg reported that Washington was looking at inking a currency pact with Beijing, raising hopes for a partial deal and thus supporting riskier assets.
On the other hand, the South China Morning Post reported earlier in the session that a Chinese delegation was planning to leave Washington after one day of ministerial meetings, earlier than scheduled on Friday.
“If the US-China trade talks fail once again, gold prices could rally,” Mumbai-based Anand Rathi Shares & Stock Brokers commodities analyst Jigar Trivedi was quoted by Reuters.