Gold slips on hope that US and China can resolve trade war

A recovery in risk sentiment across Asia, and investor optimism about a phase-one deal to go through before Christmas are weighing on bullion, analyst saysBengaluru — Gold prices eased on Monday as optimism grew about US-China trade ties after a report of “constructive talks” at the weekend, while losses were capped by a softer dollar.

Chinese state media Xinhua reported that Washington and Beijing had a high-level phone call on Saturday and that the two sides discussed each other’s core issues for the first phase of an initial trade agreement. Asian shares advanced after Beijing surprised markets by trimming an important interest rate for the first time since 2015, stirring speculation that more stimulus is on the way for the world’s second-largest economy. The dollar was a shade softer against major currencies.

Investors also kept a close eye on developments in Hong Kong, with police on Monday trapping hundreds of protesters inside a major university and demonstrators rampaging through a tourist district, after almost two consecutive days of standoffs.Market participants now await minutes of the Federal Reserve’s last policy meeting, due on Wednesday, for clues about the future interest rate trajectory.

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