Wednesday, December 4, 2019

Gold prices gain on weaker dollar

© Reuters.  © Reuters. - Gold prices traded higher on Thursday morning in Asia and remained above $1,480 despite a sharp decline the day before.

Gold Futures contracts were up 0.03% to trade at $1,480.65 by 10:58 PM ET (02:58 GMT).

The precious metal remained steady amid a softer dollar. The US Dollar Index Futures edged down 0.04% to 97.5 after the US released weaker-than-expected job growth data.

In November, nonfarm payrolls increased by just 67k, according to the ADP National Employment Report, far worse than the expected increase of 140k. The previous reading in October was 121k.

Gold prices also experienced a sharp decline to drop from $1,489 a day earlier to the current level. Risk sentiment improved following signs of a possible trade deal between the US and China.

The two countries are moving closer to agreeing on the amount of tariffs to be rolled back in a phase-one trade deal, and that such a deal could even happen before additional US tariffs on Chinese goods kick in on Dec. 15, Bloomberg reported.

US-China trade talks remained a focus for the market watchers, after contrary developments this week. On Wednesday, a day after saying he has no deadline for a deal and would not be opposed to waiting until after the elections in November 2020, US President Donald Trump said discussions are going very well.

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