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Gold inches down as China-US trade negotiations are nearly over

Gold inches down as China-US trade negotiations are nearly over

Information is not investment advice

On Tuesday, the yellow metal went down in Asia against the backdrop of more positive developments in the China-US trade negotiations.

Eventually, June delivery gold futures dived by 0.2% on the Comex exchange coming up with a reading of $1,288.15 per ounce.

On Monday, American Treasury Secretary Steven Mnuchin told that China and America might be very close to the final phase of their trade talks.

In fact, the two leading economies have already agreed on an enforcement mechanism to have any trade agreement agreed by them in the future policed, as follows from reports the previous week.

Besides this, America and Japan kicked off the first round of trade talks on Monday in Washington.

Last September, Japan Prime Minister Shinzo Abe and American leader Donald Trump agreed to hold trade negotiations in an arrangement protecting Japanese car makers from further levies.

Earlier, American leader has made clear he’s absolutely unhappy with Japan’s $68 billion trade surplus with his country.

By the way, recent positive economic data also spurred risk sentiment. In addition to this, China posted better-than-anticipated credit as well as export figures the previous week, while jobs data from America revealed that the number of US citizens who filed applications for unemployment benefits went down to a 49-1/2-year minimum.

In the United Kingdom, Brexit headlines are anticipated to quiet down over the coming week with the country’s legislative body on holiday until April 23.

Great Britain had originally been due to depart from the European bloc on March 29, although the deadline has since been extended several times.


All eyes on AUD

The RBA will make a rate statement on August 4 at 7:30 MT time.

Gold fell below $1,700

Gold (XAU/USD) is declining for the second day in a row. The reason of such a dynamic is that investors have turned to stocks.


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