Monday 14 October 2019
Cairo – Agencies:
Gold prices fell on Monday, continuing their decline for the third consecutive session, according to Reuters news agency.
Risk appetite was boosted by optimism surrounding the US-China trade talks, while a slight rise in the dollar is putting pressure on prices.
By 0544 GMT, spot gold fell 0.2% to $ 1486.91 an ounce, after falling 1% the previous week.
US gold futures rose 0.2% to $ 1491.20 an ounce
"Gold is not moving based on the fundamentals of gold," said Jeffrey Haley, an analyst at Oanda. "It is moving based on whatever was happening in the trading situation."
"The trade agreement does not have much detail, but it will probably still be enough to support the risk, which is negative for gold," Haley said.
US President Donald Trump on Friday announced the first phase of an agreement to end the US-China trade war and suspended a threat to increase tariffs, the biggest step between the two countries in 15 months.
Asian stock markets were overjoyed, with the largest MSCI Asia Pacific index outside Japan rising 0.5%.
Investors usually use gold to hedge against political and financial uncertainty.
For other precious metals, silver rose 0.1% to $ 17.58 an ounce and platinum was little changed at $ 889.90.
Palladium fell 0.1% to $ 1697.55 an ounce, after hitting a record high of $ 1705.84 last Friday.