Investing.com - Gold prices steadied on Tuesday in Asia ahead of a closely watched U.S. Federal Reserve meeting. Sino-U.S. trade tension were cited as supportive for gold today as more tariffs on Chinese goods are scheduled to be imposed this week.
U.S. Gold Futures inched up 0.1% to $1,465.25 by 1:05 AM ET (05:05 GMT). The U.S. Fed will meet later in the day, but is not expected to make any big changes to its policy.
Gloomy Chinese export data that came out on Monday were also said to be pushing gold prices higher.
The deadline for the next round of tariffs on Chinese imports to the US is December 15. In the meantime, a dialogue on a trade deal between these two nations is going on.
Without a partial agreement at least by Sunday, the U.S. could impose extra tariffs on a new $160 billion swathe of Chinese goods, including toys and smartphones.
Overnight, U.S. Agriculture Secretary Sonny Perdue said Washington is unlikely to impose more tariffs on Chinese exports on Dec. 15.
“We have a deadline coming up on the Dec. 15 for another tranche of tariffs, I do not believe those will be implemented and I think we may see some backing away,” Perdue said.