- The price of gold is under pressure for a third consecutive day.
- Markets remain on edge in anticipation of fresh U.S.-China trade talks.
- Economic data could influence investors’ outlook on monetary policy following neutral Fed minutes on Wednesday.
The price of gold edged lower on Thursday, extending its losing streak to three days as investors awaited clarity on the U.S.-China trade front.
While gold has failed to attract strong bids this week, it’s trading well off recent lows and remains well supported above $1,460 an ounce. Two factors will drive the precious commodity over the next trading week: Investors’ appetite for risk and economic cues that could influence monetary policy expectations.
Gold Price Update
December gold futures tumbled 0.8% to $1,43.00 a troy ounce on the Comex division of the New York Mercantile Exchange. The yellow metal was last seen hovering just below $1,469 an ounce.
The price of gold heads for third straight day of losses, but downside seen muted amid trade-deal uncertainty. | Chart: barchart.com
Silver’s price diverged from gold’s on Thursday; the grey metal edged up 2 cents, or 0.1%, to $17.29 a troy ounce.
Gold’s premium over silver edged down 0.2% to 85.54 ounces.
U.S.-China Trade Talks in Limbo
Trade talks between the United States and China hit another roadblock this week after President Trump threatened Beijing with additional tariffs.
Several analysts, including Morgan Stanley’s Andrew Sheets, have warned that a comprehensive trade deal is nothing more than a pipe dream at this point. China is pressing the U.S. to roll back all tariffs as part of an interim agreement that could eventually pave the way for more comprehensive talks,