Gold Price News and Forecast: XAU/USD seesaw around $1,700 amid challenges to US-China trade deal
|Gold prices seesaw around $1,700 amid challenges to US-China trade deal
Gold prices fail to extend the uptick beyond $1,700 while taking rounds $1,698, down 0.10% on a day, amid the early Monday’s trading. It should be noted that the bullion slipped to $1,692.30 during the early-Asian session amid broad risk-off sentiment.
While good news from Gilead seems to eased the coronavirus (COVID-19) fears at the start of the week, the Trump administration’s criticism of China’s mishandling of the virus outbreak weighed on the risk-tone.
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Month-end dynamics were at work again in the gold market as miners took the opportunity to hedge forward production at elevated cross-currency level (ZAR/GOLD). And there was more chatter that the Bank of England may cede to Venezuela’s request to release 1 million ounces of gold for immediate sale. But with volumes in London averaging around 20-25 million ounces per day, that would likely have only a temporary negative effect.
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