Gold prices fell on Friday to continue their losses for a second consecutive day, moving away from the $ 1,300 per ounce barrier as investment demand slows on safe haven assets amid growing hopes of resolving trade disputes between the United States and China, the world’s two largest economies.
Gold prices fell by more than 0.2% as of 0833 GMT to trade at $ 1,288.85 per ounce from the opening level of $ 1,292.03 and recorded a high of $ 1,292.50 and a low of $ 1,288.25.
Yesterday, gold prices lost 0.1%, the second loss in the last three days, under pressure of slower investment demand and the rise of the US dollar.
US Treasury Secretary Stephen Menuchin has discussed easing some or all of the latest tariffs on Chinese imports, the Wall Street Journal reported on Thursday, quoting informed insider.
Menuchin proposed a cancellation offer during the trade talks scheduled to begin between the two countries on Jan. 30.
Chinese Vice Premier Liu Hu is scheduled to visit the United States on January 30-31 to hold a final round of talks aimed at resolving the trade crisis between the world’s two largest economies.
Gold holdings with SPDR Gold Trust The largest global gold-backed index fund remained unchanged for the fifth day in a row at 797.71 metric tons.