Daily Management Review

Gold cheaper on optimism in US and Chinese trade and statistics from China


12/16/2019


The price of gold is falling on Monday morning due to statistics from China and trade optimism, according to trading data.



pexels
pexels
The price of gold, as the most reliable asset, is falling on Monday amid investors' hopes for a US-Chinese trade dispute. On Sunday, US Trade Representative Robert Lightheiser said that the signing of the first phase of the US-China trade deal would take place in early January 2020. At the end of the previous week, the countries announced that they had reached an agreement and refused the next increase in duties, which was supposed to happen on December 15. This became part of the first phase of the deal.

“Investors are more risk averse after the first phase of the deal, which is likely to affect gold prices,” Phillip Futures analyst Benjamin Lu commented to Reuters. The expert also added that the weakness of the dollar at the moment provides some support for gold.

The reduction in gold prices is also influenced by statistics from China. The volume of industrial production in the country in November grew by 6.2%, much better than the forecast of analysts who expected growth to 5%. The volume of retail sales of consumer goods in the country in November also increased by 8%.

source: reuters.com






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