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Gold Fails to Crumble as Trade Deal Hit Meets Dollar's Decline


Friday, 13 December 2019 15:19 WIB

GOLDEMAS


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Gold held its own on Friday as investors weighed bullion’s merits heading into 2020 after the U.S. and China managed a breakthrough in their bitter and drawn out trade dispute, with the commodity’s initial losses driven by weaker haven demand offset by a slump in the dollar.

Bullion fluctuated after President Donald Trump signed off on a phase-one deal with China, averting the introduction of more U.S. tariffs, according to people familiar with the matter. Traders were also watching the U.K. general election, the governing Conservative Party was on course for a big majority. Sterling rose.

Following a 0.3% loss on Thursday, bullion for immediate delivery initially fell as much as 0.5%, but was just 0.1% lower at $1,467.80 an ounce at 5:46 a.m. in London. A Bloomberg gauge of the U.S. currency was 0.4% lower, heading for the biggest weekly drop since October, as the pound rose.

Source : Bloomberg


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