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The yellow metal has been lower over the course of this week’s trading as better risk sentiment has seen diminished safe-haven flows. Gold prices have been trending lower for a few weeks now as expectations of a US/China trade deal have been ramped up in response to recent comments. Last week, President Trump said that a trade deal was “potentially very close”. This week, Trump added further to these comments saying that the two sides are now in the very “final throes” of completing the phase-one trade deal agreed in October.
The market has been waiting on a signing date following the cancellation of the APEC meeting which was to host the deal signing. While the market is yet to receive an official signing date, the momentum in recent comments from both sides has seen an increase in expectations that a deal will be coming in the next few weeks. In terms of a date, the market is expecting that a deal will...
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