2 months ago
Commodities

Gold Flat as Traders Move to Riskier Assets Amid Trade Optimism

Investing.com - Gold prices were flat on Wednesday as traders turned to riskier assets amid U.S.-China trade hope. Comex

Investing.com - Gold prices were flat on Wednesday as traders turned to riskier assets amid U.S.-China trade hope.

Comex gold futures for February delivery were flat at $1,285.70 a troy ounce as of 8:51 AM ET (13:51 GMT).

The U.S.-China trade meetings were originally scheduled for two days but were extended to a third day, which Chinese foreign ministry spokesman Lu Kang said was a sign that both sides are serious.

Another meeting between U.S. Trade Representative Robert Lighthizer and Chinese Vice Premier Liu He is expected later in the month. The two countries have until March 1 to make a deal before the U.S. plans to increase tariffs on $200 billion worth of Chinese goods.

The price of bullion was flat despite the fall in the greenback, which the precious metal is linked to. The U.S. dollar index, which measures the greenback’s strength against a basket of six major currencies, slipped 0.14% to 95.34.

Meanwhile, the Federal Reserve’s meeting minutes are released at 2:00 PM ET (19:00 GMT). Investors will peruse the notes for any indication of possible rate hikes in the coming year. Last week, Fed Chairman Jerome Powell said the central bank would rein in monetary policy if needed, which helped boost equities as investors bet the Fed will pause rate hikes.

Other metals were higher on the Comex, with silver futures up 0.18% at $15.74 a troy ounce. Among other precious metals, platinum futures increased 0.7% to $828.00, while palladium futures rose 0.99% to $1,273.90 an ounce. Copper futures gained 0.3% to $2.665 a pound.