Safe-Haven Gold Fall Despite Doubts Over Partial Trade Deal

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Investing.com – Prices of the safe-haven gold fell on Thursday in Asia despite doubts over a phase on trade deal between the U.S. and China.

Gold Futures for December delivery on New York’s COMEX traded 0.2% lower to $1,470.75 by 1:20 AM ET (05:20 GMT).

U.S. President Donald is likely to sign a bill that supports Hong Kong protesters, Bloomberg reported citing a source familiar with the matter.

China’s foreign ministry spokesman called the decision a blatant interference in China’s internal affairs, and said the U.S. faced “negative consequences” if it persisted.

Trump is now in a dilemma, as signing the bill could possibly imperil a long-awaited trade deal with Beijing. The deal was originally expected to be signed at a summit in Chile scheduled for mid-November, but the deadline was left in limbo after the conference was cancelled.

Reuters reported today that the two countries may not reach the partial trade deal this year.

China’s foreign ministry spokesman called the decision a blatant interference in China’s internal affairs, and said the U.S. faced “negative consequences” if it persisted.

The U.S. Federal Reserve’s meeting minutes for October, published overnight, also received some focus.

The central bank said the stance of policy “likely would remain” where it is “as long as incoming information about the economy did not result in a material reassessment of the economic outlook.”

However, they also see “the downside risks surrounding the economic outlook as elevated, further underscoring the case for a rate cut” at the October meeting. They cited reduced business investment and exports resulting from “weakness in global growth and elevated uncertainty regarding trade developments.”

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