Gold Prices Fell With The Rise Of Futures For US Stocks During Friday Trading
Gold prices fell on Friday as Wall Street rallied on expectations that the United States and China will finally resolve their trade dispute. Investors are also awaiting retail sales and industrial production results to be announced later today. Yesterday, Chinese customs said they would lift restrictions on imports of poultry meat from the United States and become effective immediately.
The drop in gold prices came after White House economic adviser Larry Kudlow said that Washington and Beijing are close to reaching the first stage of the trade agreement with China. However, the retreat of some existing tariffs is essential to reach an agreement.
China formally removes US poultry import limits
China's former Beijing border on poultry imports from the United States has been lifted, the General Administration of Customs said on Thursday.
The move is a goodwill gesture by the Chinese government amid trade negotiations with the United States. It was reported last week that Beijing was considering the possibility of removing the restrictions.
- The Dow rose 0.27% at 4:30 am ET
- The S&P 500 gained 0.33%.
- The Nasdaq 100 rose 0.38% at the same time.
Despite gold's losses today, yellow metal prices have risen more than 14% this year as the trade dispute has increased demand for safe havens. The euro stabilized against the dollar, buying 1.10152 at 10:31 Central European time.
Gold trading
- Gold futures for December delivery fell 0.64% or $ 9.4 to trade at $ 1464 an ounce.
- The spot price of precious metal dropped 0.47% to $ 1464.51 an ounce.
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