Release date: 2019/6/28 17:49
The price of gold rose, heading towards the best monthly performance in three years, while the uncertainty over whether upcoming trade talks between China and the United States would result in any progress in ending the ongoing trade dispute between the two countries since Public.
In early trading today, spot gold rose 0.3% to $ 1413.80 an ounce. Gold has rallied around 8.4% since the beginning of the month and is heading towards the biggest monthly percentage gain since June 2016.
With gold up nearly 1.2% since the beginning of the week, it is also heading towards a sixth consecutive weekly gain.
Gold futures in US futures rose 0.3% to $ 1416.60 an ounce.
G20 leaders meet on Friday and Saturday in Osaka, Japan, but the most anticipated meeting is between US President Donald Trump and his Chinese counterpart, Xi Jinping, scheduled for Saturday.
The Daily Wall Journal reported yesterday that Shi plans to present a set of items on Trump that the United States must meet before Beijing is ready to settle their trade dispute.
“The ongoing tensions over US-China trade talks helped gold with some purchases in safe haven assets ahead of the G20 meeting on Saturday,” said Daniel Heinz, analyst at ANZ.
“The emergence of a list of demands from China reminds the market only that resuming trade talks again will be a difficult process,” he said.
Trading tensions also weighed on equity markets on Friday, boosting demand for the precious metal, which is considered a safe haven.
The yellow metal also received support from the dollar’s decline. The dollar index fell slightly after touching the highest level in a week in the previous session.
For other precious metals, silver fell 0.1% to $ 15.24 an ounce. Silver is heading towards its first monthly gain in 5 months and is in the best monthly performance since the beginning of this year.
Palladium fell 0.8% to $ 1537.82 an ounce. But the metal used in the automotive sector has risen more than 16% since the beginning of the month, achieving the largest monthly increase in percentage since November 2016. Ended