Gold prices edged higher on Wednesday, after the United States confirmed tariffs on China would remain intact until a ‘Phase Two’ deal is completed.
In a statement on Tuesday, US President Donald Trump said the first phase of a trade agreement will be fully enforceable, including a pledge by China to refrain from manipulating its currency. China has pledged to buy almost $80 billion of additional goods from the United States over the next two years. An unrealistic target, which many traders fear China will face serious difficulties fulfilling – heightening uncertainties around whether this phase one deal will even hold.
Further developments surrounding the much-awaited US-China ‘Phase One’ trade deal are expected to keep the markets on edge heading into the signing ceremony on Wednesday at 1130 EST.
In other precious metals, 2020′s hottest commodity – Palladium hit another all-time record high of $2,204 an ounce on Tuesday. Palladium, the Commodities star of 2019 with a stellar 55% gain, is once again leading the precious metals, with an incredible gain of over 11%, so far this year.
Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Gold with the latest price forecast and predictions:
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