Gold Prices Edge Lower Ahead Of Trump-Xi Meet

November 30, 2018

London (Nov 30)  Gold prices were moving lower in range-bound trade on Friday as investors weighed mixed signals from US President Donald Trump on the prospects for a trade deal with China.

Spot gold was marginally lower at USD1,223.94 per ounce, while US gold futures were down 0.27% at USD1,227.10 an ounce.

Trump told reporters on Thursday that he was close to doing something on trade with Beijing but is not sure if he wanted to do it.

World leaders are gathering in Buenos Aires, capital of Argentina, today and tomorrow.

If Trump and Xi Jinping fail to reach some sort of truce to de-escalate the trade war, it is likely that the US tariffs imposed upon Chinese imports will rise to 25% in January.

The dollar index, which measures the greenback against a basket of six major currencies, remains little changed today after minutes of the Fed's November 8 meeting did little to alter perceptions of the central bank's intentions on future rate hikes.

Fed officials at their last meeting agreed another interest rate increase was "likely to be warranted fairly soon," but expressed uncertainty about the timing.


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