Gold futures traded slightly lower Wednesday, remaining under pressure as U.S. stocks continue to push into record territory on optimism over trade talks between Washington and Beijing.
Gold for December delivery on Comex was off $2.70, or 0.2%, at $1,457.60 an ounce, while December silver declined 5 cents, or 0.3%, to $16.995 an ounce.
The yellow metal is down 0.4% so far this week, consolidating around the $1,460-an-ounce level, as major U.S. stock indexes pushed to record finishes Monday and Tuesday, buoyed by continued optimism over trade following upbeat comments on U.S.-China negotiations out of Washington and Beijing. A positive tone for assets perceived as risky is often a negative for assets, like gold, that are considered traditional havens. Gold bulls argued that dynamic could be set to change.
Source : Marketwatch