MTECHTIPS;-Gold Hits 5-Week High as Trade War Ceasefire Dampens Dollar
MTECHTIPS;-Gold Hits 5-Week High as Trade War Ceasefire Dampens Dollar
MTECHTIPS-GOLD As expected, U.S. President Donald Trump couldn't conclude his dinner with Chinese President Xi Jinping without giving Wall Street something to cheer about. And the resultant delay in new tariffs on China bumped up not just equities on Monday, but also gold, which hit five-week highs at the dollar's expense. Benchmark COMEX for February settled up $13.60, or 1.1%, at 1,239.60 per troy ounce, reacting to news flashes since Saturday out of the G 20 in Buenos Aires that Washington has agreed to a 90-day ceasefire in its trade war with Beijing as the two states try to cobble together a pact to end their months-long acrimony over market access. It was COMEX gold's biggest one-day advance since Nov. 1. The session high at $1,240.40 was the loftiest level for futures of bullion since Oct. 26. The was down by 0.3% to 96.95 by 2:15 PM ET (19:15 GMT) as the delay in trade hostilities between the two sides took some wind out of the greenback, which in recent months had become a shadow safe haven to gold. The dollar also lost its upward momentum in recent days on dovish signals from the Federal Reserve, which has indicated a possible pause in interest rate hikes after a widely-expected December increase
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