2 months ago
Commodities

Gold Prices Flat as Investors Await Further Sino-U.S. Trade Development

Investing.com - Gold prices traded near flat on Friday in Asia as investors awaited further news on trade talks for

Investing.com - Gold prices traded near flat on Friday in Asia as investors awaited further news on trade talks for signs of a resolution in the U.S.-China dispute.

Gold futures last traded at $1,281.65 on the Comex division of the New York Mercantile Exchange, down 0.07%. The precious metal posted its first weekly decline since mid-December last week, as equities and the U.S. dollar got a lift from investors taking on more risk due to growing hopes for a resolution in the China-U.S. trade war.

On Friday, reported said U.S. Treasury Secretary Steven Mnuchin was considering lifting some tariffs imposed on Chinese imports.

Global stocks advanced on the story, even after it was later denied by President Donald Trump, who added that there has been progress toward a trade deal with China.

"Things are going very well with China and with trade," he told reporters at the White House on Saturday. Chinese Vice Premier Liu He is set to visit the U.S. on Jan. 30 and 31 for a new round of trade talks.

Meanwhile, concerns over the economic impact of the U.S. government shutdown and uncertainty over Brexit will also remain in focus.

The ongoing government shutdown continues to delay some key U.S. economic reports, but investors will get an update on the U.S. existing home sales and jobless claims this week.

U.S. markets remain closed for a long holiday weekend on Monday.

In the U.K., British Prime Minister Theresa May is due to reveal her “Plan B” for Brexit later in the day.

Britain will leave the European Union on March 29 without a deal unless MPs could come up with an alternative plan that Brussels is also happy with.