Gold Prices Inch Up as Traders Await More Trade News
Gold prices inched up on Tuesday in Asia as China sent confusing signals on the trade war with the U.S. and said that it will not cave to U.S. demands.
Gold Futures for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.1% to $1,538.25 by 12:15 AM ET (04:15 GMT).
Comments by U.S. President Donald Trump calmed nerves overnight as he said Beijing had gotten in touch with top U.S. trade officials and was ready to come “back to the table” for negotiations.
Traders were also relieved to hear Beijing’s top trade negotiator Liu He said China is ready to talk to the U.S. “with a calm attitude” in order to resolve the trade dispute.
However, Hu Xijin, editor-in-chief of China’s state-owned media Global Times, said that trade negotiators from the two sides hadn’t spoken by phone in recent days and that Trump was exaggerating the significance of the trade contacts.
Hu also stated that China did not change its position on trade issues and that it would not cave to U.S. pressure.
The ongoing trade war has damaged global growth and raised concerns of a potential recession.
Officials from both sides are set to resume in-person talks next month.
Asian equity markets traded mostly in the green today, with China’s Shanghai Composite and the Shenzhen Component jumping 1.7% and 2.3% respectively in morning trade.