Gold tacks on as investors eye trade deal progress

Gold tacks on as investors eye trade deal progress

On Friday, gold surged finding itself on track for a 0.3% weekly leap due to the fact that market participants closely watched trade talks between China and America.

On the Comex exchange, April delivery gold futures rallied by 0.3% ending up with a result of $1,331.55 an ounce, having slumped by 1.5% on Thursday.

American leader is anticipated to meet with his Chinese counterpart Liu He soon as the two leading economies rush to come to a compromise before the March 1 deadline when America would ramp up levies on China’s products to from 10% and 25%.

While progress has become evident, there are still gaps on major areas, as The Wall Street Journal uncovered on Thursday.

Gold’s price was also powered by a weaker greenback that the yellow commodity is linked to.

Gauging the evergreen buck’s purchasing potential against its several peers the USD index declined by 0.05% being worth 96.41.

Besides this, traders are also waiting for speeches from Fed representatives for prompts on how long the US major financial institution is going to pause interest rate lifts.

The key US bank has paused its tempo of rate lifts and mightn’t run down its balance sheet by as much as previously anticipated, as the bank’s minutes revealed on Wednesday.

Higher rates happen to be a negative thing for the yellow metal because the precious commodity that doesn’t pay interest struggles to take on yield-bearing assets when rates head north.  

As for other metals on the Comex exchange, silver futures rallied by 0.39% being worth $15.86 a troy ounce. Aside from that, platinum futures rallied by 1.6% trading at $840.20. Palladium futures tacked on by 0.39% hitting $1,450.75 an ounce. Copper futures ascended by 1.3% being worth $2.937 a pound.

Similar

Latest news

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera