Gold futures are trading relatively flat to kick off the trading week as metal investors remain cautious about the latest uncertainty surrounding developments in the
December gold futures dipped $0.30, or 0.02%, to $1,537.30 per ounce at 17:49 GMT on Monday on the Comex division of the New York Mercantile Exchange. The yellow metal enjoyed a modest 0.8% gain last week, trading at its best level in six years.
Silver, the sister commodity to gold, is rallying to start another week of trading. September silver futures advanced $0.24, or 1.39%, to $17.655 per ounce. The white metal recorded a 2% weekly increase, lifting its 2019 gains to more than 13%.
Over the weekend, President Donald Trump told reporters that Chinese officials contacted his team of trade representatives about returning to the negotiating table. The news sparked a
Last week, 5%, 10%, and 25% tariffs on $75 billion in US goods that are scheduled to go into effect on September 1 and December 15. Once Beijing made the announcement, the president took to Twitter to ask who his bigger enemy is: President Xi Jinping or Federal Reserve Chair Jerome Powell.
While any
There has been a lot of speculation about this sudden trade agreement. Did Japan and the US try to send a message to China? Will this contain a security arrangement regarding North Korea? Are President Trump and Prime Minister Shinzo Abe desperate as one enters an election year and the other faces a recession?
On the data front, July durable goods orders rose 2.1%, up from 1.8% in June, according to the US Census Bureau. This beats the market forecast of 0.8%.
The US dollar rallied 0.4% to 98.03, from an opening of 97.59. A stronger buck is bad for
In other metal markets, October copper futures added $0.075, or 0.3%, to $2.5375 per pound. October platinum futures tacked on $2.10, or 0.25%, to $857.40 an ounce. October palladium futures surged $14.60, or 1.00%, to $1,468.90 per ounce.
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