Completion of a ‘phase one’ trade deal could be pushed into 2020, trade experts and people close to the White House say
Granules of 99.99% pure gold at the Krastsvetmet non-ferrous metals plant, one of the world’s largest producers in the precious metals industry, in the Siberian city of Krasnoyarsk, Russia. Picture: REUTERS / ILYA NAYMUSHIN
“The main driver in gold currently is the uncertainty about the trade deal. There is the possibility that the deal might not be completed this year, so that is a key support factor,” said John Sharma, an economist with National Australia Bank. Dialling up tension, the US House of Representatives passed two bills to back protesters in Hong Kong and send a warning to China about human rights, with President Donald Trump expected to sign them into law. This comes after China condemned Washington's interference in the Hong Kong affairs and summoned an US embassy official to demand that the US stop its meddling.
Lower global shares and a tad weaker dollar index also supported the precious metal. Minutes from the US Federal Reserve's October policy meeting released on Wednesday offered little guidance on what would cause policymakers to change their minds on the interest rate outlook.
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