Gold Edges Down As Trade Deal Seen Near but ELD up today COMMODITIES: Gold Edges Down As Trade Deal Seen Near, Dollar Rises
09:52 AM EST, 11/25/2019 (MT Newswires) -- Gold prices fell early on Monday on a higher dollar and optimism that the United States and China are near an agreement to end their trade war.
Gold for February delivery was last seen down US$7.20 to US$1,463.30 per ounce in Comex trade.
Robert O'Brien, the U.S. National Security Advisor, said on the weekend he expects an initial deal with China to end the trade war to be signed by year end, Reuters reported. His comments followed on supportive statements from Donald Trump and China's Xi Jinping last week.
A deal between the world's two-largest economies could boost flagging global economic growth, which is rising at the slowest pace since the financial crisis.
The U.S. dollar strengthened, making gold more expensive for international buyers and cutting into demand. The ICE dollar index was last seen up 0.08 points to 98.36.