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Gold steady as markets await trade deal signing details

US gold futures were down 0.1 percent to $1,503.10 per ounce.

December 26, 2019 / 08:13 AM IST

Gold prices held steady on December 26 below a near two-month peak hit on Christmas eve, as investors await details of a trade deal signing ceremony between the United States and China.

FUNDAMENTALS

Spot gold was unchanged at $1,499.18 per ounce by 0132 GMT. Prices had briefly touched the key $1,500 level on December 24, their highest since November 5.

US gold futures were down 0.1 percent to $1,503.10 per ounce.

US President Donald Trump on December 24 said there will be a signing ceremony with the Chinese President Xi Jinping to sign the first phase of the trade deal agreed to this month.

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Beijing is also in close touch with Washington about the deal signing ceremony.

Trump on December 24 dismissed North Korea's warning of a "Christmas gift," saying the United States would "deal with it very successfully," amid concerns that Pyongyang might be preparing a long-range missile test.

Lingering concerns of growth remained as data on December 23 showed, new orders for key US-made capital goods barely rose in November and shipments fell, suggesting business investment will probably remain a drag on economic growth in the fourth quarter.

Russia could consider investing part of its National Wealth Fund in gold, Finance Minister Anton Siluanov said, adding that he sees investment in the precious metal as more sustainable in the long-term than in financial assets.

Elsewhere, silver fell 0.2 percent to $17.76 per ounce, having hit its highest since November 5 on December 24. Palladium was flat at $1,884.00 per ounce, while platinum advanced 0.2 percent to $940.68.
Reuters
first published: Dec 26, 2019 08:11 am

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