Gold Price Gains As Bargain Hunters Step In

New York (Aug 20)  Gold prices rose on Monday as bargain hunters came into the market ahead of planned trade talks between the US and China.

Spot gold was up 0.15% at USD1,186.40 an ounce after hitting a 19-month low last week, pressured by dollar strength amid geopolitical tensions and expectations of faster interest rate hikes. US gold futures were up 0.81% at USD1,193.80 an ounce.

China and the US will hold lower-level trade talks this week, just before new US tariffs on USD16 billion of Chinese goods take effect.

Traders also looked ahead to the release of the FOMC meeting minutes this week and a meeting of central bankers at the Kansas City Fed's Jackson Hole symposium for clues on next month's US interest rate hike.

AllianceNews