Gold high but steady amid US-China trade talks standoff

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South Africa Headlines News

Palladium was up 0.5% after hitting its fifth record high in the span of a month, while silver and platinum both dipped 0.2%

Bengaluru — Gold steadied on Wednesday, hovering near a one-month high as investors awaited clarity on the US-China trade talks, while palladium soared to another all-time high on scarce supply.

Washington and Beijing are moving closer to agreeing on the amount of tariffs to be rolled back in a phase-one trade deal, Bloomberg reported on Wednesday, citing sources. “Investors are cautious about what would happen if we don’t have a deal on December 15, given the headlines we’ve been seeing in the past couple of weeks,” ING analyst Warren Patterson said.

“The to and fro in the progress of the trade war has whipsawed gold markets. As we get closer to December 15, the momentum of effects of headlines will be more intensive and have the ability to make gold break several range-bound moves,” Patterson said. Safe-haven gold has risen about 15% so far in 2019, mainly due to the 17-month-old trade dispute, but had been trading in a $1,444-$1,478 range since November, which was broken on Tuesday.

 

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