Gold prices on hold as U.S.-China trade deal uncertainty persists

Gold was little changed on Tuesday as differing views of Chinese and U.S. officials on the interim trade deal announced last week kept investors on the sidelines.

Spot gold was trading at $1,475.74 per ounce by 0044 GMT. U.S. gold futures were flat at $1,480.20.

The “Phase One” trade deal has been “absolutely completed,” a top White House adviser said on Monday, adding that U.S. exports to China will double under the agreement. However, Beijing remained cautious ahead of the signing of the agreement.

Under the agreement, Washington will reduce some tariffs on Chinese imports in exchange for Chinese purchases of agricultural, manufactured and energy products increasing by about $200 billion over the next two years.

Asian shares climbed but a lack of detail about the preliminary deal capped gains.

Gold, considered a safe investment in times of political and economic uncertainty, has gained about 15% this year, mainly driven by the 17-month-long tariff war and its impact on the global economy.

Gold miners Endeavour and Centamin have agreed to assess the feasibility of a merger, following a weekend meeting between top managers of the two companies.

Elsewhere, palladium rose 0.2 percent to $1,981.54 an ounce. Prices hit an all-time peak of $1,991.38 in the previous session.

Silver rose 0.1 percent to $17.04 per ounce, while platinum was unchanged at $928.93.

Source: Reuters