Gold prices ease amid optimism over US-China trade deal

Spot gold down 0.6 per cent during morning trading

Gold prices edged down on Monday amid reports of “constructive” US-China conversations over the first phase of a trade agreement.

At 10am GMT spot gold was down 0.6 per cent, trading at $1,458 per ounce (£1,124, €1,317).

Silver was also down 0.9 per cent at $16.8 per ounce, while platinum dropped 0.9 per cent to $885.

Meanwhile, the dollar was a little softer against other major currencies.

According to Chinese state media Xinhua Beijing and Washington held a "constructive" phone call on November 17, discussing phase one of the future trade deal.

Margaret Yang Yan, a market analyst at CMC Markets cited by Reuters, investors are now cautiously optimistic that phase one will be complete by Christmas. She added that a weak dollar limited gold’s fall.

The metal is seen as a safe haven for investors during the political and economical turbulence.

In October, gold demand among private investors rose for the fourth consecutive month, taking the Gold Investor Index of precious metals sentiment up to its highest level since July 2018.

FURTHER READING: Gold investor sentiment rises for fourth consecutive month

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