Gold prices were steady yesterday, holding below a more than two-month peak hit in the previous session, as weakness in the dollar countered optimism about the United States and China signing an interim trade deal soon.
Spot gold was little changed at $1 515,23 per ounce by 0044 GMT. Prices hit their highest since October 25 at $1 516,20 in the previous session. US gold futures were unchanged at $1 518,30.
Gold prices are set to post their best year since 2010, having gained about 18 perecnt, mainly driven by a tariff war between the world’s two largest economies and quantitative easing by major central banks.
The dollar edged lower against a basket of rivals, making gold cheaper for holders of other currencies. On Friday, the index suffered its biggest one-day fall since March. The White House’s trade adviser said on Monday the US-China Phase 1 deal would be signed next week, but said confirmation would come from President Donald Trump or the US Trade Representative. — Reuters.