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Gold prices sustain momentum amid uncertain trade talks

Investing.com – Gold continued to trade in the green on the second day this week, after new tariffs imposed by the U.S. and China kicked in the day before. Both countries have yet to set a date this month to resume trade talks.

Gold Futures for December delivery, traded on the Comex division of the New York Mercantile Exchange, were up 0.23%, at $1,532.85 per ounce by 11:41 PM ET (03:41 GMT).

This is the second day since the tariffs kicked in. The U.S. slapped 15% tariffs on Chinese goods including shoes and televisions on Sunday, and China imposed tariffs on U.S. crude oil and other goods in a retaliatory move. More tariffs on both sides will take effect in December.

As the trade war is on, Bloomberg reported that U.S. and Chinese trade officials are still struggling to schedule a meeting planned this month. The uncertain global economic outlook has prompted investors to turn to the safe-haven yellow metal, and a high level of scepticism about the trade talks is expected to continue to support the gold prices.

With that said, the dollar rose to two-year highs, subduing the gains on gold. The U.S. US Dollar Index that tracks the greenback against a basket of currencies was up 0.33% to 99.25


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