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Gold Set for Worst Month in 3 Years on Trade Outlook


Friday, 29 November 2019 10:58 WIB

GOLDEMAS Spot EmasPalladiumSILVER


Gold headed for its biggest monthly drop in three years on signs China and the U.S. are edging closer to a trade deal. Palladium steadied after climbing to a record on expectations its eight-year supply deficit will widen next year.

U.S. President Donald Trump declared Tuesday that talks on the first phase of a trade deal were nearly done after negotiators from both sides spoke by phone. Trump also this week signed legislation expressing U.S. support for Hong Kong protesters. While that prompted China to threaten retaliation, Beijing stopped short of any immediate action and didn’t offer any details.

Spot gold +0.1% to $1,457.28/oz at 10:41am in Singapore; -0.3% this week. Prices -3.7% this month, set for biggest monthly decline since Nov. 2016.

Spot palladium as much as +0.5% to record $1,847.07/oz; trades -0.2% at $1,834.03. Metal +3.2% this week; +2% in Nov., a fourth monthly gain. Silver +0.1% to $16.9425/oz; -0.5% this week and -6.5% in Nov.

Source : Bloomberg


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