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Gold Prices Edge Up as Traders Weigh Brexit Optimism, Sino-U.S. Trade Worries

Investing.com - Gold prices edged up on Wednesday in Asia as traders digested the latest news on Brexit and the Sino-U.S. trade front.

By 1:30 AM ET (05:30 GMT), Gold Futures for delivery on the Comex exchange were up 0.2% to $1,487.65 a troy ounce.

Brexit negotiations between the U.K. and the European Union are reaching a crucial stage. Reports coming out this week suggested that a deal between the two side may be imminent, but it was still unclear if London could avoid postponing its departure due on Oct. 31.

Sino-U.S. trade tensions once again escalated, as Beijing now reportedly wants Washington to rollback tariffs before agreeing to buy as much as $50 billion of American agricultural products under the partial trade deal the two sides reportedly agreed on last week.

Adding to concerns are news that the US House of Representatives on Tuesday passed four pieces of legislation, including the “Hong Kong Human Rights and Democracy Act”,which provides sanctions against officials “responsible for undermining fundamental freedoms and autonomy in Hong Kong.”

China has vowed to take countermeasures against the U.S.

“If the relevant bill is finally passed into law, not only will it hurt Chinese interests and China-U.S. relations, but also seriously damage U.S. interests,” Geng Shuang, Ministry of Foreign Affairs spokesperson, said in a Chinese-language statement.

“Regarding the wrong decision of the U.S., the Chinese side will have to enact effective countermeasures, firmly safeguard Chinese sovereignty, security and development interests,” he added.

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