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Gold Prices Inch Up Amid Sino-U.S. Trade Talks Uncertainties

Investing.com - Gold prices inched up on Tuesday in Asia on news of fresh troubles in Sino-U.S. trade talks.

U.S. gold futures for December delivery inched up 0.2% to $1,499.02 by 11:40 PM ET (03:40 GMT).

The safe-haven metal rebounded after a Bloomberg report said China now wants to hold more discussions before signing the “very substantial phase one” trade deal touted by U.S. President Donald Trump late last week. The Chinese stance appeared to contradict the U.S. president’s contention on Friday that the two sides were closer to an agreement.

Beijing now wants Trump to scrap a planned tariff hike in December in addition to the hike scheduled for this week.

Treasury Secretary Steven Mnuchin told CNBC in an interview that he expects the December hike to take effect is the two nations do not reach a deal by then.

“I have every expectation if there’s not a deal those tariffs would go in place, but I expect we’ll have a deal,” Mnuchin said.

Gains of gold were limited however, as Hu Xijin, the editor of China’s English-language mouthpiece, Global Times, tried to downplay concerns.

“Based on what I know, China-U.S. trade talks made breakthrough last week and the two sides have the strong will to reach a final deal. Initial statement of the Chinese side is moderate,” Hu wrote on Twitter. "This is China's habit. It doesn't mean China's real attitude is not positive.”

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