Gold ends a bit lower, but finds few cues as traders watch Brexit, U.S.-China trade talks

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Gold prices ended a bit lower Tuesday, finding few decisive catalyst as investors kept an eye on developments surrounding Brexit and .

“Gold and appear to be on a fulcrum, as some renewed optimism on trade is offering pressure, but the upcoming Brexit vote(s) in Parliament is adding a level support,” analysts at Zaner wrote in a daily report.

President Donald said has indicated that negotiations over an initial trade deal are advancing, “raising expectations the nations’ leaders could sign an agreement at a meeting next month in Chile,” they said.

Gold for December delivery












GCZ19, +0.23%










on Comex fell by 60 cents, or 0.04%, to settle at $1,487.50 an ounce, while December silver












SIZ19, +0.26%










 lost 10.2 cents, or 0.6%, at $17.50 an ounce.

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Over in , British aimed to bring his Brexit deal, dictating the terms of the U.K.’s exit from the European Union, back to parliament for a vote this week after lawmakers on Saturday forced him to ask Brussels for another to the withdrawal.

“It would appear that gold could fall off sharply if the votes succeed and rally if the votes fail, especially since the deadline for the exit is only nine days away,” analysts at the Zaner Metals said.

Read: Lawmakers to challenge Johnson push to heave Brexit bill over line

A firmer tone for U.S. equities had helped to rob gold of its haven appeal on Monday, noted Carsten Fritsch, analyst at Commerzbank, in a note. Benchmark U.S. stock indexes traded mostly higher on Tuesday as gold futures settled.

Gold’s decline on Monday, however, was met by buying by exchange-traded fund investors, Fritsch noted, with Bloomberg showing inflows of 2.6 tons.

Inflows since the beginning of the month have totaled 33 tons, he said, with outflows on just two days of trading.

In other metals trade, January platinum












PLF20, -0.08%










 added $3.80, or 0.4%, to $896 an ounce, while December palladium












PAZ19, -0.30%










 rose $3.20, or 0.2%, to $1,728.50 an ounce.

December copper












HGZ19, +0.06%










 fell by about 1.4 cents, or 0.5%, to $2.633 a pound.

Among ETFs, gold-backed SPDR Gold Shares












GLD, +0.29%










 edged up by nearly 0.1%.

Source: Investing.com

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