Gold Prices Unchanged as Traders Await Further Trade News

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Investing.com – Gold prices were largely unchanged on Wednesday in Asia as traders remain cautious amid the latest news on the Sino-U.S. trade front.

Gold futures for June delivery, traded on the Comex division of the New York Mercantile Exchange, edged up 0.02% to $1,273.45 per ounce at 1:10 AM ET (05:10 GMT).

“From a technical point of view, a first positive signal (for gold) would be a recovery to $US1,290, while a fall below the recent low of $1,266 could open space for a further decline,” said ActivTrades analyst Carlo Alberto De Casa.

Bullion reached above the $1,300 mark and hit a one-month peak last Tuesday after China countered higher U.S. tariffs on its goods by announcing duty hikes of its own on American merchandise.

In times of both economic and political troubles, investors often seek protection from the safe-haven gold.

Sino-U.S. trade tension eased somewhat after the U.S. temporarily lifted curbs on China’s Huawei Technologies, but markets remained on edge as Chinese President Xi Jinping hinted at a domestic tour on Tuesday that the trade war with the U.S. would not end in the near future.

The U.S. dollar index, which usually moves in directions opposite to the yellow metal, was largely unchanged at 97.890.

Read more at : https://www.investing.com/news/commodities-news/gold-prices-unchanged-as-traders-await-further-trade-news-1875346

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