Gold futures on Wednesday retreated from a nearly six-year high scored a day earlier amid expected progress on U.S.-China trade talks and a less-dovish-than-hoped Federal Reserve.
U.S. Treasury Secretary Steven Mnuchin told CNBC, “we were about 90% of the way there [with a trade deal] and I think there’s a path to complete this.” He said he’s confident President Donald Trump and China’s President Xi Jinping will make inroads into those stalled talks at the weekend Group of 20 meeting, providing some buoyancy to assets perceived as risky like U.S. stocks and weakening appetite for havens like gold.
August gold traded at $1,407.70 an ounce, down more than $10, or nearly 0.8%. The metal settled at $1,418.70 Tuesday, the highest finish for a most-active contract since Aug. 28, 2013, according to FactSet data. On Tuesday, the contract touched its highest intraday climb since May 2013 at $1,442.90 before pulling back.
Source : Marketwatch