Gold Extends Post-Payrolls Recovery on Trade Fears

Tuesday, 10 December 2019 21:16 WIB



Gold prices rose again on Tuesday as fears spread that the U.S. and China won’t sign an interim trade deal before the next round of U.S. import tariffs kicks in on Sunday.

Commerce Secretary Wilbur Ross, who already said last week that it would be better to postpone a trade deal with China until after next year’s election, told Fox Business News that it was more important to get a good deal than to get a quick one.

Markets have taken the near-complete silence from Beijing and Washington in the last 48 hours as a sign that there is no progress being made. However, whether the U.S. will levy the new tariffs, covering an annual $150 billion worth of goods annually, is still unclear, given that President Donald Trump has used his discretion to stay and grant exemptions on previous tariff increases.

By 9:20 AM ET (13:20 GMT), gold futures for delivery on the Comex exchange were up 0.5% at $1,471.55 a troy ounce, having recouped over half of what they lost in the wake of Friday’s upbeat labor market report. Spot gold was up 0.4% at $1,467.09 an ounce.

Silver futures were also 0.4% higher at $16.70 an ounce while platinum futures were up 1.0% at $907.25.

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