Gold Sags Again Before the U.S., China Sign Trade Deal
Gold headed for the fourth decline in five days as the impending signing of the Sino-American trade deal in Washington on Wednesday hurt demand for havens. Silver retreated.
Bullion fell after the Trump administration lifted its designation of China as a currency cheat, saying the nation has made œenforceable commitments not to devalue the yuan and has agreed to publish exchange-rate information.
As risk sentiment improves and as concerns over potential military conflict in the Middle East ease, investors have turned toward riskier assets, with U.S. stocks at records. More than $1 billion was withdrawn last week from SPDR Gold Shares, the world™s largest bullion-backed exchange-traded fund, while holdings in gold-backed ETFs globally shrank the most since mid-November.
Spot gold as much as -0.8% to $1,536/oz, and trades at $1,538.45 at 10:04am in Singapore; -0.9% Monday. Bloomberg Dollar Spot Index steady. Silver -0.9% to $17.7982/oz.
Source : Bloomberg
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