Gold was little changed after the U.S. and China both said they are close to finalizing sections of the first phase of a trade deal, while weaker-than-expected American data reinforces expectations the Federal Reserve will cut borrowing costs this week.
China said parts of the text for the first phase of a trade deal with the U.S. are “basically completed” as the two sides reached a consensus in areas including standards used by agricultural regulators. The U.S. had earlier said the countries are close to finalizing sections of an agreement that President Donald Trump and China’s Xi Jinping hope to sign at a summit in Chile next month.
Attention is firmly on the Fed’s Oct. 29-30 gathering, when officials are expected to reduce interest rates. Recent U.S. reports showed slower home sales and a drop in key measures of business investment.
Spot gold steady at $1,505.15/oz by 10:18am in Hong Kong.
Source : Bloomberg