Metals Stocks: Gold slips as steps toward U.S.-China trade pact cut demand for haven assets

Gold prices slipped Wednesday, though the metal has spent time in positive and negative territory, tracking a dollar index that remains near multimonth highs.

Gold settled higher on Tuesday when the dollar paused its stretch of eight straight wins. News that U.S. congressional negotiators reached a tentative deal to prevent a government shutdown supported the stock market, limiting gains for haven gold. The deal still requires approval from President Donald Trump.

And developments on the trade-negotiations front also briefly dulled demand for haven gold. President Trump said Tuesday that he would allow for flexibility on a the timeline for a deal with China if an agreement looks close. A third day of bilateral trade negotiations were under way in Beijing, with Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer expected Thursday for more high-level discussions.

Early Wednesday, April gold GCJ9, -0.03% fell $1.20, or less than 0.1%, at $1,312.80 an ounce. The SPDR Gold Shares ETF GLD, +0.21%  fell 0.1% in premarket trade.

The ICE U.S. Dollar Index DXY, +0.20% a measure of the U.S. currency against a basket of six major rivals, was up 0.1% at 96.84.

Gold has gained more than 2% since the end of last year based on the most-active contract as uneasy trade progress, grouped with a series of global growth downgrades and an expected pause in Federal Reserve rate-hike policy sent investors to seek cover in lower-risk pockets of the financial markets.

In other metals trade, March silver SIH9, -0.19%  fell 0.3% to $15.645 an ounce. March copper HGH9, +0.04%  was slightly firmer at $2.7745 a pound.

Wednesday’s Need to Know column features an upbeat outlook from Morgan Stanley for copper prices and related stocks, fueled in part by analyst expectations for industry deal-making.

April platinum PLJ9, +0.43%  gained. while March palladium PAH9, +0.17%  rose deeper into record-high territory, last up 0.2% at $1,378 an ounce.

Filed in: Top News Tags: 

You might like:

The Wall Street Journal: Zuckerberg must personally certify Facebook’s compliance with FTC under settlement The Wall Street Journal: Zuckerberg must personally certify Facebook’s compliance with FTC under settlement
The Wall Street Journal: U.S. delegation set to travel China next week for renewed trade talks, Kudlow says The Wall Street Journal: U.S. delegation set to travel China next week for renewed trade talks, Kudlow says
Watch out for these illnesses in a heat-wave power outage, and other advice to stay safe Watch out for these illnesses in a heat-wave power outage, and other advice to stay safe
Earnings Watch: Earnings Watch: Facebook’s fine, Boeing’s bind and Tesla’s bottom line Earnings Watch: Earnings Watch: Facebook’s fine, Boeing’s bind and Tesla’s bottom line
The Wall Street Journal: WeWork may go public as soon as September The Wall Street Journal: WeWork may go public as soon as September
Tech shares fall as U.S. finally admits it is investigating Big Tech for antitrust Tech shares fall as U.S. finally admits it is investigating Big Tech for antitrust
The Wall Street Journal: Deutsche Bank managed Jeffrey Epstein’s wealth for years The Wall Street Journal: Deutsche Bank managed Jeffrey Epstein’s wealth for years
NBA phenom Zion Williamson signs shoe deal with Nike’s Jordan Brand NBA phenom Zion Williamson signs shoe deal with Nike’s Jordan Brand

Leave a Reply

Submit Comment
© 2019 Stock Investors News. All rights reserved. XHTML / CSS Valid.