Gold Holds Firm Near Six-month High
Gold prices held firm near a six-month high on Monday, even as hopes for a resolution to the U.S.-China trade conflict helped improve investors’ appetite for risk.
Spot gold rose 0.28 percent to $1,283.51 per ounce after reaching a six-month high on Friday. U.S. gold futures were up 0.18 percent at $1,285.25 per ounce.
The precious metal remains on track for its best month since January 2017, helped by recent dollar weakness on worries over slowing global growth and speculation that Federal Reserve officials could slow the pace of interest-rate hikes.
Meanwhile, there are signs of easing trade tensions between China and the U.S. after U.S. President Donald Trump on Saturday said that he had a “long and very good call” with Chinese President Xi Jinping and that a comprehensive trade deal between the United States and China is moving along very well, raising hopes for a breakthrough in the trade dispute.
Chinese state media also cited President Xi Jinping as saying that he believed both sides wanted “stable progress.”
Xi said on a telephone call with Trump that he hopes to push forward a Sino-U.S. relationship that is coordinated, cooperative and stable.
Source: Read Full Article