Gold steadied after posting the biggest drop in almost three weeks as investors weighed signs of easing trade tensions with President Donald Trump’s impeachment inquiry proceedings.
Trump told reporters at the United Nations Wednesday that a deal with China could happen “sooner than you think,” while Chinese companies are preparing to purchase more U.S. pork, according to people familiar with the situation.
Still, the threat of impeachment on Trump is lending an element of uncertainty to markets. Investors poured into exchange-traded funds backed by bullion on Wednesday, adding about 22 tons in the biggest one-day inflow in three months, according to data compiled by Bloomberg.
Spot gold +0.3% to $1,507.92/oz at 8:59am in Singapore.
Source : Bloomberg