NEWS： Trade agreement expected to cool and stock market dollar down
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Gold rose on Thursday as investors remained concerned about the upcoming US China trade agreement, while higher risk assets and the decline in the US dollar further supported the price.
Spot gold rose 0.7% to $1472.66 an ounce at 1905 GMT. US gold futures rose 0.7% to close at $1473.40 an ounce.
"There are some concerns about the 'first stage' agreement, because there seem to be some sticking points in the issue of agricultural products. So we do see some new [gold] buying, "said David meger, head of metals trading at high ridge futures.
According to the Wall Street Journal on Wednesday, trade talks have run into obstacles in agricultural procurement, and China does not want an agreement that appears to favor the United States.
Analysts polled by Reuters said the US and China are unlikely to reach a permanent truce in the next year, and although concerns about the US recession have eased, the economy is not expected to rebound soon.
"The dollar's weakness against major currencies, coupled with the stock market's departure from recent highs, are additional supporting factors for gold and silver's gains," meger added.
Global equities, US Treasury yields and the US dollar fell as weak global economic data added to concerns about a global slowdown.
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