Gold steadied as investors weighed a report that tariffs on billions of dollars of Chinese goods will likely stay in place until after the presidential election. Palladium surged above $2,200 an ounce to a record.
Spot gold +0.2% to $1,549.47/oz at 8:56am in Singapore; -1% in previous two days. Bloomberg Dollar Spot Index steady.
Washington and Beijing have an understanding that no sooner than 10 months after the signing of the phase one agreement at the White House Wednesday, the U.S. will review progress and potentially consider additional cuts on tariffs affecting $360 billion of imports from China, people familiar with the matter said. The news underscored the fact that concerns remain about progress in U.S.-China relations, capping the sell-off in the traditional haven asset.
Source : Bloomberg