Gold falls as 'positive' US-China talks erode safe-haven appeal
Gold prices
slipped on Monday as U.S.-China trade talks ended on a positive note, easing investor anxiety and denting demand for the
safe-haven asset
.
FUNDAMENTALS
* Spot gold fell 1.1% to $3,286.86 an ounce as of 0014 GMT. U.S. gold futures lost 1.6% to $3,291.60.
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* The U.S. and China ended high-stakes trade talks on a positive note on Sunday, with U.S. officials touting a "deal" to reduce the U.S. trade deficit, while Chinese officials said they had reached "important consensus" and agreed to launch another new
economic dialogue
forum.
* Chinese Vice Premier He Lifeng said a joint statement would be released in Geneva on Monday. Vice Commerce Minister Li Chenggang said it would contain "good news for the world."
Live Events
* The U.S. and China imposed tit-for-tat
tariffs
on each other last month, triggering a
trade war
that fuelled fears of a global recession.
* America will be left with higher tariffs once the dust settles from U.S. President Donald Trump's trade negotiations, a majority of the current and former Trump advisers Reuters spoke to said.
* On Friday,
Cleveland Federal Reserve
President Beth Hammack said the Fed needs more time to see how the economy responds to Trump's tariffs and other policies before figuring out the right response.
* Last week, the Fed held
interest rates
steady and warned of rising inflation and unemployment risks.
* Gold, traditionally seen as a hedge against economic and political uncertainties, thrives in a low-interest rate environment.
* Meanwhile, the
Indian military
sent a "hotline message" to Pakistan on Sunday about violations of a ceasefire agreed upon this week and informed it of New Delhi's intent to respond if it was repeated, a top Indian army officer said, while the Pakistan military's spokesman denied any ceasefire violations.
*
Spot silver
eased 0.1% to $32.65 an ounce, platinum rose 0.4% to $998.65 and palladium firmed 0.5% to $980.41.
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