Gold prices edged higher on Tuesday and the dollar nursed losses as optimism over U.S.-China trade talks faded and investors reacted to more positive Brexit news flow.
Spot gold edged up 0.2 percent to $1,496.37 per ounce, while U.S. gold futures were up 0.3 percent at $1,501.75.
The U.S. and China reached a phase one deal late on Friday, but scant details about the deal cast doubts over the durability of the partial preliminary deal.
The real sticking points of technology transfer and intellectual property theft do not find any significant mention in the proposed deal.
According to a report in Bloomberg News, China may send a delegation led by Vice Premier Liu He to finalize a written deal that could be signed at the Asia-Pacific Economic Cooperation summit next month in Chile.
Also, China reportedly wants a planned tariff hike in December to be scrapped in addition to the hike scheduled for this week.
Meanwhile, the British pound held near recent multi-month highs against the euro and dollar after EU Brexit negotiator Michel Barnier said that securing a Brexit deal at this week’s EU summit will be difficult but “still possible”.
According to Irish broadcaster RTE, the United Kingdom would make new Brexit proposals today in a last-ditch bid to secure a Brexit deal.
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