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Gold Prices Fall as Stocks Recover Despite Uncertainties Surrounding Trade Issues

Published 09/24/2019, 12:58 AM
Updated 09/24/2019, 12:59 AM
© Reuters.

Investing.com - Gold prices fell on Tuesday in Asia as equities traded mostly in the green despite uncertainties surrounding global trade issues.

Gold Futures for December delivery were down 0.3% to $1,527.55 per ounce on the Comex division of the New York Mercantile Exchange by 12:59 AM ET (04:59 GMT).

The fall in gold prices came as stocks in Asia recovered, with Chinese stocks up almost 1%.

The yellow metal jumped more than 1% in the previous session on strengthening safe-haven demand.

“Everywhere we look, we have geopolitical tensions blowing up, from the Middle East after the Saudi attacks, to Europe with its never-ending Brexit, and hot spots elsewhere like Venezuela and Argentina,” said George Gero, managing director and precious metals analyst at RBC Wealth Management.

“Gold is the one safe haven everyone runs to in times like these,” Gero added. “All this will keep gold in a base range of $1,500-$1,550.”

Traders are also keeping an eye out for trade-related issues.

The visit by a Chinese trade delegation to U.S. farms in Montana was abruptly cancelled on Friday, cutting short their U.S. trip, Reuters reported. The trip was to prepare for further negotiations between senior officials next month.

Meanwhile, the U.S.-Japan trade talks seemed to have hit a last-minute snag, reports suggested. The two sides are still aiming to reach a deal this week, but the deal might be “limited” and is not expected to include changes to tariffs governing autos, the biggest source of the $67.6 billion U.S. trade deficit with Japan, Reuters said.

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