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MTECHTIPS;-Gold Down on Back-and-Forth Talk Over China Trade Deal
MTECHTIPS-gold futures fell for a second day in a row Tuesday as a lack of compelling factors prompted investors to follow the trade war political theater that again proved inconclusive. COMEX gold futures for February delivery settled down $8.80, or 0.7%, at $1,219.90 per troy ounce. Larry Kudlow, the White House’s top economic adviser, was pessimistic about the prospect of a ceasefire in the U.S.-China tariff battle ahead of a planned Friday summit between President Donald Trump and Beijing's Xi Jinping at the G20 in Buenos Aires, the Financial Times reported. Kudlow, director of the U.S. National Economic Council, said it was up to Xi to “step up and come up with new ideas,” adding that for now he couldn't find much change in China's approach. But CNBC quoted Kudlow saying the Trump administration has restarted talks with the Chinese government "at all levels." A day earlier, Trump, in an interview with The Wall Street Journal, said it was “highly unlikely” he would accept Beijing’s request to hold off on Washington’s plans to boost tariffs to 25% on some $200 billion of Chinese goods, due from Jan. 1
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