Gold continues to falter and loses 2% with an imminent trade agreement between China and America
Gold prices continued to decline on Monday, as hopes of easing trade tensions between the United States and China boosted risk appetite in stocks, while investors awaited major central bank meetings this week for signs of lowering interest rates.
And The price of gold in spot transactions rose 2% to $4,029.69 per ounce by 11:22 GMT. Gold futures in the United States (December delivery) fell by 2.3% to $4042.80.
In other precious metals, the price of silver in spot transactions fell 2.3% to $47.48 per ounce, and platinum fell 0.8% to 1593.43 Dollar, and palladium lost 0.8%, falling to $1,417.58.
Meanwhile, markets await an imminent cut in US interest rates by the Federal Reserve by a quarter of a percentage point on Wednesday, a view supported by inflation rates in September that were weaker than expected.
On the political level, the US President said, Donald Trump said on Monday that the United States and China are on the verge of reaching a trade agreement, a day after senior officials in the two countries drafted a framework that will be presented to Trump and Chinese President Xi Jinping to decide on during their meeting next Thursday.
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