Gold trod water as investors weighed the implications for metals and the dollar of progress in trade talks between the U.S. and China, including a decision by Donald Trump to extend a deadline to raise tariffs. Palladium hit a record, and platinum rose to the highest in three months.
The U.S. has made substantial progress in the talks with China on important structural issues, the U.S. president said in a Twitter post on Sunday. As a result of these very productive talks, I will be delaying the U.S. increase in tariffs now scheduled for March 1.
Investors also tracked the latest moves toward consolidation in the gold-mining industry. The head of Newmont Mining Corp. labeled a potential takeover attempt by Barrick Gold Corp. as a "desperate" and "bizarre" move aimed at complicating his company's pending deal to acquire Goldcorp Inc.
Spot gold flat at $1,329.35/oz at 7:23am in London. Price +0.4% on Friday to cap fourth weekly gain in five.
Source : Bloomberg