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Comex Gold Edges Higher; Faces First Weekly Decline In 2 Months

17 Jan 2020 9:24 pm
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Mumbai (Commodities Control) – Gold edged higher on Friday but was on track to post its first weekly decline in six as solid Chinese data and a preliminary U.S.-China trade deal improved risk appetite.

Spot gold was up 0.1% at $1,554.69 per ounce at 1401 GMT, but was heading for a weekly drop of around 0.5% – its biggest since early November. U.S. gold futures rose 0.3% to $1,554.70.

"You would expect gold to trade a little bit lower after the economic data from China. (But) what is pushing gold prices higher is the sense of caution as to what to expect after the Phase 1 trade deal," said FXTM analyst Lukman Otunuga.

World shares hit record highs after data showed China's economy was stabilizing and the world's second-largest economy ended 2019 on a somewhat firmer note as the trade truce revived business confidence.

However, investors were still nervous as the Phase 1 deal failed to address tariffs and some important core issues.

Analysts see gold prices in midst of a consolidation as the growth prospects and inflation outlook are still fragile.

(Commodities Control Bureau)


       
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