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Gold prices rose Monday, and optimism about the prospects for a trade agreement between China and the United States weakened, while palladium rose to a record high due to supply shortages.
At 1741 GMT, spot gold XAU = rose 0.3% to $1,493.33 an ounce, hitting a nearly two-week low of $1,473.90 on the previous day.
U.S. gold futures GCcv1 rose 0.6% to close at $1,497.6 an ounce.
"Market reassessment is the reason why gold prices fluctuate slightly below $1,500. Market reassessment is about whether China and the United States can reach a trade agreement, the possible outcome of Britain's withdrawal from Europe and what the Federal Reserve (Federal Reserve/FED) may or may not do in the future," said George Gero, managing director of RBC Wealth Management.
"The rise in the dollar index has prevented gold from rising sharply, as international investors are buying U.S. securities in dollars."
Bloomberg quoted an informed source on Monday as saying that China hopes to have more consultations with the US side at the end of October, before finalizing the signing of Chinese President Xi Jinping, to finalize the details of the first stage trade agreement put forward by President Trump. [nL3T26Z24U]
After the release of the report, investors'optimism about trade agreements declined, driving the dollar up 0.2% against a basket of six major currencies. DXY and global stock markets down.
In addition, U.S. Treasury Secretary Nouchin said Monday that if a trade agreement with China is not reached before December 15, tariffs may be imposed on a new round of Chinese imports to the United States, but he added that he expected the agreement to be reached. [nL3T26Z2UD]
Edward Moya, senior market analyst at OANDA, said: "The news that China wants to negotiate more before reaching the first phase of the trade agreement is weakening the optimism following Trump's major statement last Friday."
"(Gold) overall bullish trend remains unchanged. There are many reasons for demand from all over the world.
On the European side, investors will focus on the EU-UK summit in Brussels later this week. Whether the two sides can reach an agreement to make Britain exit smoothly remains uncertain. Diplomats say the EU is demanding more concessions from the UK.


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