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Gold Prices Press Higher as U.S.-North Korean Talks Break Down

Gold Prices Press Higher as U.S.-North Korean Talks Break Down© Reuters.

Investing.com – Gold prices found support and moved higher on Wednesday as talks between the U.S. and North Korea broke down without a deal and hopes of an imminent trade agreement between China and the U.S. faded.

Amid the geopolitical concerns, investors also looked ahead to data on fourth-quarter economic growth in the U.S.

At 7:50 AM ET (12:50 GMT), for April delivery on the Comex division of the New York Mercantile Exchange rose $5.95, or 0.45%, to $1,327.15 a troy ounce.

U.S. President Donald Trump said that he had with North Korean leader Kim Jong-Un because of unacceptable demands to lift U.S. sanctions.

“Basically, they wanted the sanctions lifted in their entirety, and we couldn’t do that,” Trump explained.

In another positive development for the safe haven metal, investors have become more skeptical of a quick resolution of a trade agreement between the U.S. and China after comments from U.S. Trade Representative

Lighthizer told a Congressional hearing on Wednesday that it was too early to predict an outcome to negotiations between Washington and Beijing over trade, dampening hopes for a quick end to the standoff.

Still ahead on the economic front, investors will focus on the reading of at 8:30AM ET (13:30 GMT). Markets expect a slowdown to 2.6% at the end of 2018 from the prior 3.4% expansion seen in the third quarter.

Thursday’s calendar also features data on weekly as well as the survey.

Among several appearances from Federal Reserve officials, investors will likely focus on remarks from the central banks’ chief and vice chairman .

In other metals trading, gained 0.47% at $15.745 a troy ounce by 7:51 AM ET (12:51 GMT).

traded up 1.84% to $1,504.40 an ounce, while sister metal traded up 0.89% at $877.60.

In base metals, slipped 0.19% to $2.957 a pound.

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Source: Investing.com

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