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Gold Prices Inch Up as Traders Await More Trade News

Published 08/27/2019, 12:32 AM
Updated 08/27/2019, 12:33 AM
© Reuters.

Investing.com - Gold prices inched up on Tuesday in Asia as China sent confusing signals on the trade war with the U.S. and said that it will not cave to U.S. demands.

Gold Futures for December delivery on the Comex division of the New York Mercantile Exchange inched up 0.1% to $1,538.25 by 12:15 AM ET (04:15 GMT).

Comments by U.S. President Donald Trump calmed nerves overnight as he said Beijing had gotten in touch with top U.S. trade officials and was ready to come “back to the table” for negotiations.

Traders were also relieved to hear Beijing’s top trade negotiator Liu He said China is ready to talk to the U.S. “with a calm attitude” in order to resolve the trade dispute.

However, Hu Xijin, editor-in-chief of China’s state-owned media Global Times, said that trade negotiators from the two sides hadn’t spoken by phone in recent days and that Trump was exaggerating the significance of the trade contacts.

Hu also stated that China did not change its position on trade issues and that it would not cave to U.S. pressure.

The ongoing trade war has damaged global growth and raised concerns of a potential recession.

Officials from both sides are set to resume in-person talks next month.

Asian equity markets traded mostly in the green today, with China’s Shanghai Composite and the Shenzhen Component jumping 1.7% and 2.3% respectively in morning trade.

Latest comments

gold,proce,going up or down
one last final note on the subject..if china cuts the biggest importer of rare earths via products or general consumption..then they would be pointing the gun at themselves..and on top of that give trump a reason to cut the hand that feeds it by pulling business out of china..do you see russia venezuela iran or north korea having the money to buy these services or products? would they even want the tools for mass riots in the hands of the population?
china is two steps ahead of the us always, they have already won
hahaha thats cute
china is gonna regret this move by end of September..think about it removing companies from mainland will force extreme measures china is not ready for..this is really bullish for precious metals.
what im trying to get at is..transportation control (u.s. win) and depleted reserve mines (china loss)..untapped reserves every part of the world (u.s. win).. news that china is trying to tap africas reserves seems like china is running out of domestic rare earths
the big reason China is going after them in Africa is to maintain that supply dominance, IMO. It would be alot easier for them to find a new carrier to transport supplies than it is for us to find and starting mining something not controlled by them already. I believe most the supply is not domestic to them as well, but it's been a couple years since I did research about it and can't recall anymore.
the u.s. can flip african nations with true fair deals and supply better infustructure investment and other services if they were really desperate..i dont not trust chinese numbers because they lie on all types of ingormation and reports..the U.S. wins any way you want it..and last time i heard chinese bosses treat africans labors badly with terrible working conditions..
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