Gold prices reduced today following the US-China trade talks that took place yesterday in Washington DC.
It was a field day for trade buyers and sellers as the talks lifted the risk appetite.However equity markets were mostly higher across the globe. Spot gold prices were down 0.2% at $1,491.12 per ounce.
Insiders say that talks between US and Chinese officials went very well. The 15-month trade war between the world’s two biggest economies has sparked fears of a recession, lifting gold prices sharply this year.
Meanwhile the US Federal Reserve may cut interest rates for a third time this year later this month amid risks to the economy from the trade tensions. Lower interest supports assets classes like non-interest yielding gold.