Gold Commentary : Gold falls as U.S.-China trade talks ease investor anxiety Says Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd
Below the Gold Commentary by Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd.
Gold prices slipped as U.S.-China trade talks ended on a positive note, easing investor anxiety and denting demand for the safe-haven asset. Over the weekend, US and Chinese officials met in Switzerland to talk over the trade tariffs which till now increased market turmoil. Both countries have levied more than 100% tariffs on each other, however meeting this weekend is said to be a constructive one with progress seen on both sides. The U.S. and China ended high-stakes trade talks on a positive note on Sunday, with U.S. officials touting a "deal" to reduce the U.S. trade deficit, while Chinese officials said they had reached "important consensus" and agreed to launch another new economic dialogue forum. Chinese Vice Premier He Lifeng said a joint statement would be released in Geneva on Monday. Vice Commerce Minister Li Chenggang said it would contain "good news for the world." Last week, despite mixed statement from Fed Governor Powell, bullions inched higher. Escalation between India and Pakistan supported an up move in USDINR, increasing disparity between Comex and domestic prices. Focus now shifts to US CPI, Retail Sales, manufacturing index and comments from Governor Powell.
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