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| Commodity News |
| HeadLine : |
Gold inches lower as Trump's remarks boost trade talk hopes |
| Date : |
Oct 11 2019 |
Gold prices edged lower on Friday as U.S. President Donald Trump’s remarks on progress in Sino-U.S. trade talks lifted risk appetite, while palladium was set to end a three-day winning streak after touching a record high in the previous session. Spot gold was down 0.2% at $1,491.12 per ounce. U.S. gold futures dipped 0.2 % to $1,498.50. Top U.S. and Chinese negotiators wrapped up a first day of trade talks in more than two months on Thursday as business groups expressed optimism the two sides might be able to ease a 15-month trade war and delay a U.S. tariff hike scheduled for next week. Shares in Asia and U.S. stock futures rose on Friday, with MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.4%.On the data-front, U.S. consumer prices were unchanged in September and underlying inflation retreated, supporting expectations the Federal Reserve will cut interest rates in October for the third time this year amid risks to the economy from trade tensions. SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.22 percent to 921.71 tonnes on Thursday from 923.76 tonnes on Wednesday.
Source : Reuters
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