MTECHTIPS;-Gold steadies as dollar dips, traders await trade deal fineprint
MTECHTIPS;-Gold steadies as dollar dips, traders await trade deal fine print
MTECHTIPS-Gold steadied on Monday as the dollar weakened and investors sought more clarity on the "phase one" trade deal between the United States and China. Spot gold was little changed at $1,475.50 per ounce by 0821 GMT after prices came under some early pressure in the Asian session on initial optimism over the trade deal. U.S. GCcv 1 fell 0.1% to $1,480.10. Despite some signs of caution, equities remained in positive territory, limiting bullion's advance, after the world's top two economies announced the "phase one" agreement and suspended some tariffs on each other's goods that were due to go into effect on Sunday. MKTS/GLOB still don't know what is in the deal ... most of the traders had already discounted this news in the last couple of weeks, as it has been in the market that the phase 1 deal will happen," said Hareesh V, head of commodity research at Geojit Financial Services. "Also, the dollar is slightly negative, so these are the reasons we haven't seen a drastic sell-off in gold." The dollar fell 0.2% against a basket of rivals, making gold cheaper for holders of other currencies. USD/ U.S. Trade Representative Robert Lighthizer on Sunday said U.S. exports to China will nearly double over the next two years, although officials are yet to decide a date to sign the agreement. phase one deal fell short of market expectations and is probably not enough to fully restore business confidence or
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