Gold prices inch down on positive signs of US-China trade talks

London (Aug 30)  Gold prices dipped on Friday as the United States and China indicated they may resume talks to resolve their protracted trade conflict, putting the metal on track for a small weekly loss despite a strong month.

FUNDAMENTALS

Spot gold fell 0.2% to $1,525.06 per ounce, as of 0112 GMT.

For the month, bullion is set to rise 7.9%. However, for the week, it's headed for a mild loss of 0.1%, following four weeks of gains.

U.S. gold futures were also down 0.2% at $1,534.50 an ounce.

China's commerce ministry said on Thursday Beijing and Washington were discussing the next round of face-to-face talks scheduled for September, but added it was important for Washington to cancel a tariff increase.

U.S. President Donald Trump also said some discussions were taking place on Thursday, ahead of a looming deadline for additional U.S. tariffs on Sept. 1.

Wall Street and Asian stock markets rose in response to the potential softening in the Sino-U.S. trade war.

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