Gold Prices Rise In Quiet Trading And Holiday In US Markets

Gold prices rise in quiet trading and holiday in US markets

Gold prices rose to a high of $ 1290 to trade at their highest level in more than a week. With relatively quiet trading due to an official holiday for US markets, amid uncertainty over the course of trade tensions between Washington and Beijing.

China said on Monday that trade negotiations with Washington should be based on "mutual respect", as US President Donald Trump expressed optimism about an agreement with Beijing. "We have always said that the differences between the two countries should be resolved through negotiations and friendly consultations," Chinese Foreign Ministry spokesman Lu Kang told a news conference.

China and the United States are rushing for a trade deal

There is little incentive for the United States and China to reach a trade deal quickly, as their economies avoid a severe economic slowdown so far, according to the head of the Asia-Pacific Investment Office for UBS Global Wealth Management. Lan predicted in a statement to CNBC that any deal between the world's two largest economies would probably come before 2020 immediately.

It added that it was quite clear that trade tensions were rising, yet the two countries were not affected by what they had to do to reach a trade agreement that would end the long-running conflict. High-level trade negotiations between the two countries collapsed after President Donald Trump announced an increase in tariffs on Chinese imports earlier this month. Beijing said last week that talks could not continue unless Washington adjusted its wrongdoing, but Trump still expected a quick deal to be reached.

With the dollar index, which measures the performance of the greenback versus a basket of six currencies, stabilizing at 97.7 points. US President Donald Trump over the weekend echoed his complaint that the Fed's policies prevent economic growth from achieving maximum performance.

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