Gold Holds Steady In Cautious Trade

21.10.2019 11:31 (UTC +0)

Gold prices held steady in cautious trade on Monday as investors watched Brexit developments and monitored the news flow in the U.S.-China trade talks.

Both spot gold and U.S. gold futures were up 0.1 percent at $1,492.05 per ounce and $1,495.55, respectively.

Trade worries prevailed in the markets, with a Reuters report suggesting that China is seeking $2.4 billion in retaliatory sanctions against the United States for non-compliance with a WTO ruling in a tariffs case dating back to the Obama era.

U.S. President Donald Trump said he thought a U.S.-Sino trade deal would be signed by the time the Asia-Pacific Economic Cooperation meetings take place in Chile on Nov. 16 and 17.

Separately, Chinese Vice Premier Liu He said that China would work with the United States to address each other's core concerns on the basis of equality and mutual respect.

While fears of an economically damaging no-deal Brexit eased somewhat, the recent euphoria of a Brexit deal has also declined.

Investors remain hopeful that Britain would be able to avoid a disorderly exit from the European Union despite a cross-party group of politicians voting to postpone the "meaningful vote" on Prime Minister Boris Johnson's new divorce deal.

Traders are also reacting to downbeat comments from the incoming European Central Bank (ECB) President Christine Lagarde and direct threats to the U.S. by North Korea's Vice Minister.

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