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Gold flat as markets eye trade talk cues, Brexit deal

Published : Tuesday, 22 October, 2019 at 12:00 AM  Count : 97

Oct 21: Gold prices were little changed on Monday as investors waited for more clarity on US-China trade negotiations, and Brexit after British parliamentarians delayed a crucial vote on the divorce deal.
Spot gold was flat at $1,490.23 per ounce as of 0720 GMT. US gold futures dipped slightly to $1,493.40.
Asian shares edged higher, limiting bullion's gains, with MSCI's broadest index of Asia-Pacific shares outside Japan up 0.3per cent.
"The markets are quite long, and people are worried about the trade war. Investors are waiting for pull backs in gold to step in again," AxiTrader market strategist Stephen Innes said.
"What has been supportive for gold are recessionary fears, and provided that remains in the headlines, it is a significant reason to stay long gold. Right now, there is no major catalyst to drive it any direction."
The long-standing Sino-US trade war has taken a toll on economies around the world with Japan's exports down for a 10th straight month, South Korean exports plunging 19.5per cent in October, and Thai exports missing expectations.
In China, new home prices grew at a steady pace in September, a relief for policymakers who remain wary of high debt and bubble risk, and are refraining from stimulating the sector as the economy cools.

Providing little comfort to market sentiment, British Lawmakers on Saturday voted to withhold a decision on Prime Minister Boris Johnson's deal, a move that forced him to seek from the EU a third postponement of Britain's departure from the bloc.    -Reuters

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