Gold prices dipped back towards the previous session’s two-week low yesterday as increasing signs that an interim trade deal could soon be reached buoyed riskier assets and the US dollar.
Spot gold was down 0,4 percent at $1 456,01 per ounce as of 1327 GMT, while US gold futures were 0,3 percent lower at $1 455,80.
Having dropped to a two-week low of $1 450,30 early on Tuesday, gold prices bounced back to settle higher, ending a four-session losing streak.
“The decline of today is relatively small and can be seen as a consolidation after yesterday’s recovery,” said Carlo Alberto De Casa, chief analyst at ActivTrades. Rising share prices and a recovering dollar were relatively bearish for gold, he said. “What’s important is that prices are holding above $1 450 . . . if prices fall below $1 445, then there will be a clear signal that we are entering a danger zone,” De Casa said, adding the markets are waiting for further details on the trade talks. — Reuters.