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

GCZ19, -0.12%

 on Comex was down $2, or 0.1%, at $1,529.50 an ounce, while December silver

SIZ19, -0.67%

 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.

Beijing granted new tariff waivers to Chinese companies to buy soybeans and China bought about 600,000 metric tons Monday, following a similar purchase made earlier this month.

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.

See: Decision to suspend Parliament ruled unlawful — live market reaction

In other metals trade, October platinum

PLV19, +0.03%

 fell 0.1% to $952.70 an ounce, while December palladium

PAZ19, +0.65%

 rose 0.6% to $1,635.10 an ounce.

December copper

HGZ19, +0.10%

 edged 0.1% higher to $2.6135 a pound.

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2019-09-24