Australia markets closed

Gold Prices Rebound After Two-Day Fall; U.S.-China Deal Signing Eyed

By Alex Ho - Gold prices rebounded on Wednesday, snapping its recent declining streak amid fresh uncertainties surrounding the U.S.-China trade front.

U.S. Gold Futures gained 0.6% to $1,553.15 by 12:47 AM ET (04:47 GMT).

Traders remained cautious ahead of the phase one trade deal signing later today, as U.S. Treasury Secretary Steven Mnuchin said tariffs on Chinese goods will be in place until the completion of a phase two agreement. Citing people familiar with the matter, Bloomberg reported that the phase two negotiations is not likely to start until after the American presidential election in November.

The yellow metal surged earlier this week as U.S.-Iran tensions drew safe-haven demand. However, risk sentiment recovered after the two nations said they did not seek an escalation of war.

"A week ago Iran-US news caused a pretty significant rally in gold; and now that has subsided." SMC Global said in a note.

Related Articles

Oil drops on concerns that U.S.-China trade deal may not stoke demand

Oil Prices Drop Amid Rising Crude Stockpiles

Breaking: Oil Inventories Rose by 1.1M Barrels Last Week: API