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Gold dips as dollar gains on US-China trade pact optimism

Gold dips as dollar gains on US-China trade pact optimism

Mubasher: Gold prices declined on Tuesday, as hopes that trade talks between the US and China could result in a deal supported the dollar and boosted appetite for riskier assets, dragging the safe-haven metal, according to Reuters.

By 7:19 am GMT, spot gold declined by 0.18% to $1,507.11 per ounce, while US gold futures fell by 0.19% to $1,508.20 per ounce.

The dollar rose against its peers, including the Japanese yen (JPY) as optimism mounted over the possibility of Washington and Beijing clinching a preliminary agreement to resolve their protracted trade conflict.

The US dollar index, which measures the greenback against six major currencies, ticked up by 0.03% to 97.5300

Asian equities were approaching their highest level since July, amid growing signs of a potential trade truce, with indicators that the US economy is well-positioned for a resilient consumer-driven growth.

However, factory orders report showed that demand for US-made goods saw a more-than-expected drop last September, while business investment on equipment was a little weaker than initially estimated, reflecting that manufacturing sector was still feeling the impact of the trade US-Sino conflict.