Gold Price News and Forecast: XAU/USD mildly positive above $1,700 as US-China tension renews
|Gold Price Analysis: Mildly positive above $1,700 as US-China tension renews
Following the recent uptick, Gold prices take the bids near $1,710, up around 0.50% on a day, during the Asian session on Monday. The fresh fears of the US-China trade war are again helping the safe-haven while the coronavirus (COVID-19) updates offer a little clear direction.
Friday’s clues that the US and Chinese diplomats have agreed for communication and cooperation seems to have failed to impress US President Donald Trump as he recently fired shots against the dragon nation.
FX and Gold Weekly: Selective dollar selling maintains appeal, gold uptrend remains firm
The US jobs report tarnished gold’s lustre as focus shifted from the headline data to the positive rebound in hourly earning. Before NFP, gold traded up, building on substantial gains made the previous day. Firm prices in Europe and Asia lasted into early US trading. Gold rallied despite the broader financial markets adopting a mild "risk-on" tone, which is usually unfavorable for gold. But that correlation has broken down of late as equity market "risk-on "appetite is primarily driven by central bank largesse, which is equally supportive for gold.
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