Gold edged lower Tuesday, taking a pause from recent gains as a bout of renewed optimism over U.S.-China trade talks rob the metal of its haven-related appeal.
Gold for December delivery on Comex was down $2, or 0.1%, at $1,529.50 an ounce, while December silver declined 12.1 cents, or 0.7%, to $18.585 an ounce.
Upbeat language out of Beijing and Washington over U.S.-China trade negotiations have served to dull gold’s haven appeal. That's a turnabout from late last week, when the cancellation of farm visits by Chinese officials were taken as a sign talks were not going well, noted Jim Wyckoff, senior analyst at Kitco.com.
Treasury Secretary Steven Mnuchin late Monday told Fox Business Network that U.S.-China trade talks would resume in two weeks in Washington and said that deputy-level negotiations between the two countries had made some progress.
Source : MarketWatch