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Gold Lower as Trade and Brexit Optimism Put Pressure

Gold Lower as Trade and Brexit Optimism Put Pressure - MarketPulseMarketPulse

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Gold traded lower on Tuesday as market participants awaited clarity on U.S.-China trade talks and as earnings season starts on a positive note.

Gold for December delivery on Comex GCZ19, -0.89% was off $6.50, or 0.4%, at $1,491.10 an ounce, while December silver SIZ19, -1.52% gave up 18.5 cents, or 1%, to trade at $17.525 an ounce.



The yield on the 10-year U.S. Treasury note TMUBMUSD10Y, +1.46% fell 2.9 basis points to 1.701%. Lower yields on government debt can be a positive for assets like gold that offer no yield.

But a positive start to stocks as earnings season begins in earnest appeared to rob gold of some haven appeal, while investors also attempted to pin down the state of U.S.-China trade negotiations after initial optimism over a partial deal at the end of last week faded.

Via MarketWatch

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Alfonso Esparza

Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.

Alfonso Esparza

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Friday, 22 November 2019
 
     
 

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