Gold edged lower Tuesday, taking a pause from recent gains as a bout of renewed optimism over U.S.-China trade talks rob the metal of its haven-related appeal.
Gold for December delivery
on Comex was down $2, or 0.1%, at $1,529.50 an ounce, while December silver
declined 12.1 cents, or 0.7%, to $18.585 an ounce.
Upbeat language out of Beijing and Washington over U.S.-China trade negotiations have served to dull gold’s haven appeal. That’s a turnabout from late last week, when the cancellation of farm visits by Chinese officials were taken as a sign talks were not going well, noted Jim Wyckoff, senior analyst at Kitco.com.
Treasury Secretary Steven Mnuchin late Monday told Fox Business Network that U.S.-China trade talks would resume in two weeks in Washington and said that deputy-level negotiations between the two countries had made some progress.
Meanwhile, the U.K. Brexit drama took another twist on Tuesday after the country’s top court ruled that Prime Minister Boris Johnson’s decision to suspend Parliament was illegal. It’s unclear how damaging the ruling will be for Johnson and his government’s effort to take Britain out of the European Union by Oct. 31 with or without an exit agreement with the European Union.
In other metals trade, October platinum
fell 0.1% to $952.70 an ounce, while December palladium
rose 0.6% to $1,635.10 an ounce.
edged 0.1% higher to $2.6135 a pound.