19.8 C
New York
Saturday, April 1, 2023

Gold Prices Steady; U.S. Dollar Little Changed as Traders Await Further Trade News

Gold Prices Steady; U.S. Dollar Little Changed as Traders Await Further Trade News

Investing.com – Gold prices steadied on Tuesday in Asia while the U.S. dollar was near flat as traders assessed the latest news on the trade front.

In , gold’s benchmark April contract on the Comex division of the New York Mercantile Exchange was up 0.2%, at $1,314.85 per ounce by 1:47 AM ET (06:47 GMT).

Gold futures fell 0.3% last week after declining four consecutive sessions.

Investor sentiment slightly improved on Tuesday after White House adviser Kellyanne Conway told Fox News that U.S. President Donald Trump wants to meet with his Chinese counterpart Xi Jinping “very soon.”

Trump on Monday also told his supporters on Monday that his administration is working on “great deals on trade” and that he does not want China to have a hard time.

Despite the positive comments from the U.S. side today, analysts said hopes for a quick resolution don’t look too promising, with U.S. negotiators pressing China on longstanding demands, including reparations for alleged theft of U.S. intellectual property.

The lack of a planned meeting before the deadline between the two Presidents has also dampened hopes for a successful trade deal.

Trump said last week he did not plan to meet his counterpart Xi Jinping before a March 1 deadline to achieve a trade agreement. China needs that deal by March 1 or risk having tariffs on $200 billion of imports raised to 25% from 10%.

Looking ahead, investors are now focussed on the new round of trade talks between China and the United States that started in Beijing on Monday.

In other news, markets are also closely monitoring talks between the top four Democratic and Republican congressional negotiators on border security funding.

Another partial U.S. government shutdown might happen if they fail to reach a deal by a Friday deadline, according to various media.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

- Advertisement -

Latest Articles

Popular Articles