Gold Prices Inch Down as China, U.S. Make Progress on Trade Negotiations

Investing.com - Prices of the safe-haven gold prices inched down on Tuesday in Asia as China and the U.S. made some progress on their trade negotiations.

Gold Futures slipped 0.1% to $1,486.85 by 11:55 PM ET (03:55 GMT), as hopes of progress on the U.S.-China trade dispute were kept alive by constructive comments on both sides over the weekend.

U.S. President Donald Trump said during a Cabinet meeting at the White House that China has begun buying American agriculture products. “I want more,” he added.

Le Yucheng, China’s Vice Foreign Minister, said the two sides have achieved some progress in trade negotiations. “The world wants China and the United States to end their trade war,” he said.

Trump said earlier this month that he had agreed in principle to a “phase one” trade deal with China’s Vice Premier Liu He after high-level negotiations in Washington.

Some believe that deal will be signed in Chile next month during the Asia-Pacific Economic Cooperation meetings.

Meanwhile, White House economic advisor Larry Kudlow told Fox Business on Monday that a new tariff increase scheduled for December could be scrapped if talks continue to progress well.

However, Commerce Secretary Wilbur Ross had said earlier that: "We would like to make a deal, but from our point of view it has to be the right deal and it doesn’t have to be in November," Ross said. "It’s more critical that it be a proper deal than exactly when it occurs.”

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