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Gold is dropping as US and Chinese trade woes keep the dollars



Worker holds gold bars on January 13, 2015 at the Istanbul Gold Refinery in Istanbul, Turkey.

Ozan Koshe | AFP | Getty Images

Gold fell on Monday as uncertainty over the US-China trade war prompted some investors toward dollar security, squeezing assets valued in US currency.

However, the metal palladium car catalytic converter comes down to another record high, expected for a deficit this year, which helps it break through $ 1

,700 an ounce for the first time.

Spot gold fell 0.4% to $ 1,490 an ounce at 0743 GMT, after prices reached $ 1,486.60 in the previous session, their lowest since September 18. US gold futures fell 0.6% to $ 1,496.60 an ounce.

The dollar index remained near its highest for the week.

"In the short term, investors are targeting a dollar-denominated safe haven appeal," said AxiTrader marketing strategist Stephen Ines.

European and Asian stock markets, including the Chinese, were slightly changed on Monday, dismissing news that the US administration was considering excluding Chinese companies from US stock exchanges.

T The White House is not currently considering such a move, Bloomberg Treasury spokeswoman Monica Crowley said on Saturday after Reuters reported Friday that the US administration was considering the measure.

"Gold remains a long-term trend, but there is some confusion in the short term given the contradictory titles we get during the trade war," Ines added.

Prior to trade talks with the United States, China's two Vice-Premier Wang Shuwen's two chief ministers said on Sunday that the economies would resolve their trade dispute "with a calm and rational attitude."

Investors were also waiting for clues about US interest rate policy. Philadelphia Federal Reserve Bank President Patrick Harker said Friday that he opposes the central bank's interest rate cut and believes it should "hold fast" to interest rates.

Higher interest rates tend to reduce investor interest in ineligible bull bars. "The less-than-expected Fed means that the rally on gold prices may be curtailed, but in the near future the upward momentum seems intact," says Howie Lee, an economist at OCBC Bank.

The holdings of the world's largest gold support SPDR Gold Trust stock market fell 0.22% to 922.88 tonnes on Friday.

Speculators raised their bull positions in COMEX gold and decreased their bullion bets during the week until September 24, the US Futures Commission. (CFTC) said on Friday.

Elsewhere, palladium rose 0.8% to $ 1694.85 an ounce after hitting a record high of $ 1,700.71 earlier in the session.

Silver dropped 1% to $ 17.33 an ounce, and platinum dropped nearly 1% to $ 929.77 an ounce.


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