Gold,Prices,Decline,Trade,Talk business, insurance Gold Prices Decline; Trade Talks Shows Signs of Progress
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Gold Prices Decline; Trade Talks Shows Signs of ProgressBeijing and Washington were very close to an initial trade deal, cited by experts close to the talks.Separately, China’s Ministry of Commerce said top negotiator on trade Liu He talked with U.S. Trade Representative on Tuesday morning.The Chinese-language statement said both sides talked about resolving core issues of common concern. They reached a consensus on how to resolve related problems. Also, they agreed to stay in open communication over remaining items for a phase one deal.However, some analysts say the fact that there is no major selling in the gold markets says that people are still skeptical about this progress.The trade war is near its 17th month. The U.S. and China scheduled to sign the partial deal last month in Chile during the APEC summit. However, the interim did not happen as Chile forced to cancel the summit due to local civil unrest.According to Reuters, the two countries might not reach the deal before the end of the year. Gold Prices Set to Cut from a Six-Year HighChinese consumers are coping with the slowest economic growth since the early 1990s. They are avoiding gold in a sign that prices are extended to decline from a six-year high.The country’s imports of non-monetary gold declined in October to the lowest in data complied since January 2017, according to customs figures. Concerns about growth and increasing inflation are hurting demand in the world’s top consumer, Capital Economics LTD noted.Analyst Kieran Clancy says the gold price rally is behind us. Also, the ongoing weakness in customer demand will be one of the aspects weighing on the price of gold over the coming year.Spot gold decreased 6% from a six-year high in September as optimism about trade negotiations curbs demand a haven. In China, the economy’s gradual decline is squeezing firms’ gains and reining in income growth. At the same time, inflation is dragging higher and crumping the cash that houses want to spend on discretionary goods. It is fueled by increasing food prices.China’s jewelry use poised to decrease 4% this year, while demand for gold as an investment will decline 20%, Metals Focus Ltd estimated. The country’s imports possibly remain weak, Clancy wrote.Also, Indian demand is in fear with demand unexpectedly weak during the Diwali festival that typically sees a bump in imports, Capital Economics noted. Local gold prices in India will stay high in the coming year, which should keep a roof on demand, according to the bank.Clancy added in a note that there is a bit reason to expect a bounce in consumer demand for gold anytime. Also, with investment demand even wagging, the chances of a renewed rally in the price of gold are reduced.Select the Best Forex Brokers to trade with: • FXGiants • Orbex • XTB • Alpari • XM • AxiTrade • IQ Option • AvaTrade • Alpha Forex
Gold,Prices,Decline,Trade,Talk