Gold Prices Unchanged as Traders Await Further Trade News

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Investing.com – Gold prices were largely unchanged on Wednesday in Asia as traders remain cautious amid the latest news on the Sino-U.S. trade front.

for June delivery, traded on the Comex division of the Mercantile Exchange, edged up 0.02% to $1,273.45 per ounce at 1:10 AM ET (05:10 GMT).

“From a technical point of view, a first positive signal (for gold) would be a recovery to $1,290, while a fall below the recent low of $1,266 could open space for a further decline,” said ActivTrades analyst Carlo Alberto De Casa.

Bullion reached above the $1,300 mark and hit a one-month peak last Tuesday after China countered higher U.S. tariffs on its goods by announcing duty hikes of its own on American merchandise.

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In times of both and political troubles, investors often seek protection from the safe-haven gold.

Sino-U.S. trade tension eased somewhat after the U.S. temporarily lifted curbs on China’s Huawei Technologies, but markets remained on edge as Chinese President Xi Jinping hinted at a domestic tour on Tuesday that the trade war with the U.S. would not end in the near future.

The , which usually moves in directions opposite to the yellow metal, was largely unchanged at 97.890.

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Source: Investing.com