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Gold Price Rises; Traders Await Clarity on U.S.-China Trade Talks

CommoditiesFeb 19, 2019 01:35AM ET
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Investing.com - Gold prices rose while the U.S. dollar traded near flat on Tuesday in Asia as traders awaited clarity on U.S.-China trade talks.

In futures trading, gold's benchmark April contract on the Comex division of the New York Mercantile Exchange was up 0.4% at $1,326.75 per ounce by 1:32 AM ET (06:32 GMT).

The precious metal has benefited from a weaker U.S. dollar during the past week, rising to a near-10 month high of $1,328.00 on Monday.

The U.S. dollar index last traded at 96.752, almost unchanged for the day.

Dollar weakness usually benefits gold, as it boosts the metal's appeal as an alternative asset and makes dollar-priced commodities cheaper for holders of other currencies.

Markets will be keeping abreast of the next round of trade discussions between the U.S. and China in Washington this week, as the two sides race to reach a deal that would avert a tariff increase on Chinese goods by March 1.

The Commerce Ministry said in a short statement on Tuesday that Chinese Vice-Premier Liu He is set to visit Washington for a new round of negotiations with the U.S.

He will meet U.S. Treasury Secretary Steven Mnuchin and U.S. Trade Representative Robert Lighthizer.

Investors will also be looking ahead to Wednesday's minutes from the Federal Reserve's January meeting for further insight into the outlook for monetary policy in the months ahead.

The Fed kept rates on hold last month and surprised markets by shifting to a more dovish stance on future rate hikes, citing subdued inflation and rising risks to global economic growth.

Gold Price Rises; Traders Await Clarity on U.S.-China Trade Talks
 

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