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Gold prices were on track for a second straight weekly gain on Friday, as uncertainties about the fate of a “phase one” trade deal between the United States and China lingered.
Spot gold was up 0,4 percent at $1 469,51 per ounce at 1348 GMT, and was 0,1 percent higher for the week.
US gold futures also climbed 0,4 percent to $1 469,70 per ounce.
“Gold is on the bullish side given the ongoing uncertainty regarding trade talks, which increased following the approval of the Hong Kong bill in the US Congress. In all likelihood, Trump will sign it (the bill) which could be a stumbling block for a solution in trade talks, and hurt prospects of continued negative interest rates. This has continued to support investment demand in gold,” Commerzbank analyst Carsten Fritsch said.
The United States on Wednesday passed two bills intended to support protesters in Hong Kong and send a warning to China about human rights, to China’s displeasure. Chinese President Xi Jinping said earlier in the day that China wants to work out an initial trade pact with the United States and has been trying to avoid a trade war, but is not afraid to retaliate when necessary. — Reuters.
Online Reporter