Gold futures are tumbling to kick off the trading week, driven by investor optimism that the US and China are inching toward finally agreeing to phase one of a comprehensive trade deal. This cautiously upbeat sentiment helped financial markets record fresh highs, which were also triggered by a series of mega mergers. But Wall Street analysts remain bullish on bullion heading into 2020.
December gold futures fell $8.00, or 0.55%, to $1,455.60 per ounce at 16:57 GMT on Monday on the Comex division of the New York Mercantile Exchange. Gold prices recorded a weekly loss of 1% last week, but they are still up more than 13%
Silver, the sister commodity to gold, is also shedding its value to start the trading week. December silver futures slid $0.09, or 0.53%, to $16.91 an ounce. The white metal slumped 0.6% last week, adding to its 5% decline
On Sunday, the Chinese government published a document that requested greater protection of intellectual property rights (IPR). This subject has been the core issue in
Moreover, Robert O’Brien, the US national security adviser, said that a deal could still happen before the end of the year.
The positive development in
Equities were surging on Monday and hitting new highs. Markets were also cheering on the two major mergers: Charles Schwab acquired TD Ameritrade for $26 billion in an
Despite the
In other gold news, the Polish government repatriated approximately 100 tons of gold from the Bank of England (BoE) to highlight the strength of its near $600 billion economy. In 2018 and 2019, Poland purchased 126 tons, increasing its metal reserves to just under 229 tons. Poland is now the 22nd largest bullion holder and possesses the biggest metal reserves in the European Union’s east.
In other metal commodities, December copper futures were flat at $2.647 per pound. December palladium futures rose $28.40, or 1.63%, to $1,771.80 an ounce. December platinum futures tacked on $7.50, or 0.84%, to $900.10 per ounce.
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