Gold slides over 1% to one-month low on trade deal hopes

Nov 07 18:11 2019 Print This Article

(Reuters) – Gold slid more than 1% on Thursday to its lowest level in over a month as U.S. Treasury yields jumped and global equities markets cheered China and United States’ agreement to cancel some tariffs in phases.

Spot gold was down 1.4% at $1,469.03 per ounce as of 11:03 a.m. EST (1603 GMT), having slipped to $1,467.71 its lowest since Oct. 1 earlier. U.S. gold futures fell 1.5% to $1,470.70.

“Postponing the China tariff deal was adding to uncertainties, but it seems that there is some agreement to remove some tariffs before year end… China has a weakening economy and needs to make a deal,” said George Gero, managing director at RBC Wealth Management.

China and the United States have agreed to cancel, in phases, the tariffs imposed during their protracted trade war, the Chinese commerce ministry said, without specifying a timetable.

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