Gold Recovers Some Losses As Traders Reassess U.S.-China Trade-Talk Progress
(Kitco News) - Gold prices have quickly bounced off their recent session lows that came in the wake of news reports the U.S. plans to ease off on putting new, additional tariffs on Chinese imports. Prices are now moderately down on the day, after hitting six-year highs overnight. U.S. trade officials said a short while ago that some of the new tariffs won't go into effect until mid-December, adding that the two sides will resume trade negotiations in a couple weeks. The marketplace was reading this news as a positive step, including maybe the U.S. "blinking." However, upon further reflection the marketplace is now deeming this as a positive for the negotiations, but probably not a "break-through" on the matter. That allowed gold and silver prices to move up from their daily lows. U.S. stock indexes are still sharply up on the news as risk appetite has quickly re-emerged in the marketplace. December gold was last down $14.50 an ounce at $1,502.80.