Gold Prices Dip In Asia As Trump-Xi Talks Underway

Investing.com – Gold dipped in Asia on Thursday as got down to talks with China’s President Xi Jinping over contentious trade issues and tensions on the Korean peninsula.

for December delivery on the Comex division of the New York Mercantile Exchange edged down 0.14% to $1,281.90 a troy ounce.

Overnight, gold prices rose to a nearly three-week high on Wednesday as ongoing concerns over tax reform weighed on the dollar, boosting demand for the precious metal.

Gold prices reversed losses from Tuesday’s session, as the dollar came under pressure on signs that the GOP Senate could derail Donald Trump’s Tax plan by delaying the implementation of corporate tax cuts, with reports suggesting that the Senate is considering a one-year delay.

Gold prices are sensitive to moves lower in the U.S. dollar – A lower dollar makes gold cheaper for holders of foreign currency, thus, increases demand.

The uptick in gold prices comes as recent data suggested that traders were slightly less bearish on the precious metal.

Net bullish bets on gold rose to 193,100, from 191,400 the previous week according to a report from the Commodity Futures Trading Commission (CFTC) on Friday.

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