Gold Prices Slip as China, U.S. Trade Talks Near Finish

16 Apr 2019

Gold Prices Slip as China, U.S. Trade Talks Near Finish

Prices of the safe-haven gold fell on Tuesday in Asia amid more positive developments in the Sino-U.S. trade talks.

Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, were down 0.2%, at $1,288.15 per ounce by 12:55 AM ET (04:55 GMT).

U.S. Treasury Secretary Steven Mnuchin's said on Monday that Washington and Beijing might be “close to the final round” of their trade negotiations.

Mnuchin told Fox Business Network on Monday negotiations were “making a lot of progress.”

The two sides have agreed on an enforcement mechanism to police any trade deal they agree on in the future, according to reports last week.

Meanwhile, Japan and the U.S. kicked off the first round of trade negotiations in Washington on Monday.

U.S. President Donald Trump and Japan Prime Minister Shinzo Abe agreed last September to hold trade talks in an arrangement that protects Japanese automakers from further tariffs.

In the past, Trump has made clear he is unhappy with Japan’s $68 billion trade surplus with the U.S.

Recent upbeat economic data also boosted risk sentiment. China reported better-than-expected credit and export figures last week while jobs data from the U.S. showed the number of Americans filing applications for unemployment benefits dropped to a 49-1/2-year low.

In the U.K., Brexit headlines are expected to quiet down over the coming week with parliament on holiday until April 23.

The U.K. had originally been due to leave the EU on March 29, but the deadline has since been extended multiple times.

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