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1-min read

Gold Set for Second weekly Rise on US-China Trade Deal Uncertainties

On Thursday, gold prices had climbed as the US dollar weakened after the Federal Reserve cut interest rates for the third time this year.

Reuters

Updated:November 1, 2019, 9:04 AM IST
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Gold Set for Second weekly Rise on US-China Trade Deal Uncertainties
Representative image.

Gold prices were little changed on Friday as investors evaluated whether the Federal Reserve's would continue to cut rates, but the metal was set for a second weekly gain as the uncertainty surrounding a US-China trade deal boosted safe-haven appeal.

Fundamentals

* Spot gold was little changed at $1,512.54 per ounce at 0139 GMT, while US gold futures were also flat at $1,514.90 per ounce. Spot gold is set to rise 0.5% this week after a 1% gain the previous week.

* Chile's decision to cancel the November 16-17 Asia-Pacific Economic Cooperation summit disrupted plans for the United States and China to sign a interim trade deal, but US President Donald Trump said the two countries would soon announce a new site to sign a "Phase One" trade agreement.

* A near 16-months long trade war between the two economies has slowed global trade, stirred recession fears for some economies and roiled financial markets.

* The US Federal Reserve on Wednesday lowered its policy rate by a quarter of a percentage point to a target range of 1.50% to 1.75% but signalled there would be no further reductions unless the economy takes a turn for the worse.

* But a flattening yield curve indicates market participants believe the US Federal Reserve may be pausing its interest rate cuts too soon.

* The number of Americans filing applications for unemployment benefits rose slightly more than expected last week, pointing out to the concerns of an economic slowdown still existing.

* The Institute for Supply Management is due to release data from its survey of purchasing managers on later in the day.

* Asian shares fell on Friday on fresh concerns over Sino-US trade prospects and ahead of U.S. economic data, while the dollar eased against major rivals. [MKTS/GLOB]

* The dollar index against a basket of six major currencies eased slightly to 97.296.

* Holdings of the largest gold-backed exchange-traded-fund (ETF), New York's SPDR Gold Trust, fell 0.19 percent on Wednesday from Tuesday.

On Thursday, gold prices had climbed as the US dollar weakened after the Federal Reserve cut interest rates for the third time this year, but signalled the monetary-easing cycle would be paused.

Hopes that the United States and China will sign a preliminary agreement and call a truce to their 16-month trade war was also a factor behind the Fed's decision to signal that further rate cuts are on hold.

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