Gold headed for a back-to-back decline after U.S. equities rallied to records and investors weighed up prospects for a first-phase U.S.-China trade deal, including the possibility that Washington may agree to roll back some of the tariffs now in place.
Haven demand eased as the Financial Times reported U.S. officials are debating whether to remove levies on $112 billion of Chinese imports including clothing, citing unidentified people briefed on the talks. On Monday, National Security Adviser Robert O’Brien said: “We’re relatively close to an agreement.”
The Asian nation is seeking the roll back of U.S. tariffs on as much as $360 billion of Chinese imports before President Xi Jinping agrees to go to the U.S. to sign a partial trade deal with President Donald Trump, according to people familiar with the matter.
Spot gold -0.2% to $1,506.87/oz at 7:10 a.m. in London; paring YTD gain to 17.5%.
Source : Bloomberg