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Gold Steadies as Trade Optimism Dims on Huawei Sanctions
Thursday, 16 May 2019 12:56 WIB | PRECIOUS METALS |GOLDEMAS

Gold steadied on Thursday, consolidating in a tight range below the key $1,300 pivot, as Washington slapped sanctions on Chinese telecoms giant Huawei, souring optimism for a thaw in U.S-China trade tensions.

Spot gold was unchanged at $1,296.30 per ounce at 0409 GMT, moving in a narrow range of about $3.

U.S. gold futures edged 0.1% lower to $1,296.80 an ounce.

œThere are still a lot of underlying tensions (surrounding U.S.-China trade relations) so that might be supportive for gold, said John Sharma, economist at National Australia Bank.

While gold™s gains may be limited by expectations of talks between the U.S. and China, the metal would still hover in the $1,280-$1,310 range, Sharma added.

Source : Reuters

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