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Friday, November 29, 2019

Gold Prices Gain Amid Weakening Asian Equity Markets

© Reuters.  © Reuters.

Investing.com - Gold prices traded higher on Friday in Asia as stocks were weighed down by concerns over Hong Kong.

Gold Futures contracts traded at $1,464.85 by 1:10 AM ET (05:10 GMT), up 0.3%.

Despite today's gains, the yellow metal is set to record its worst month in three years. Hopes for a partial trade deal between the U.S. and China were cited as headwind for safe-haven assets this month, as officials from the two sides suggested a deal is near.

However, tensions resurfaced this week after U.S. President Donald Trump signed two bills that support pro-democracy protesters in Hong Kong. While the move is largely symbolic at this stage, it has complicated the trade talks progress and angered Beijing, which has vowed to retaliate.

“(Gold) Market definitely is divided because previously most people were thinking that a trade deal is going to happen, and now they are not sure which side it is going to go, and that reflects in the trading prices,” said Brian Lan of Singapore dealer GoldSilver Central, in a Reuters report.

The U.S. Dollar Index Futures, which usually moves in directions opposite to the yellow metal, was little changed today at 98.260.

Stock and bond markets in the U.S. were closed on Thursday for a holiday.

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