Gold advanced after its biggest weekly drop in three years as investors weigh the latest developments in U.S.-China trade talks and escalating unrest in Hong Kong. Palladium fell to a one-month low.
President Donald Trump said Saturday trade talks with China are moving along “very nicely,” and said the leaders in Beijing wanted a deal “much more than I do.” Citywide protests in Hong Kong that saw a demonstrator shot helped support demand for haven assets after last week’s sell-off.
Palladium remained under pressure, as its major consumer, China’s auto sector, reported a year-on-year decline in sales in October.
Spot gold gained as much as 0.5% to $1,466.24/oz after dropping 3.7% last week to a three-month low.
Source : Bloomberg