Gold futures end higher on Sino-US trade concerns

Gold futures end higher on Friday, as the US-China trade deal is still in uncertainty after China warned that it would take 'firm counter measures' in response to US legislation backing anti-government protesters in Hong Kong. 

 

However, the yellow metal ended $54.00 lower on the month to date, or down 3.5%, marking worst month since September as positive data about the US economy dulled interest in haven assets.

Gold futures for December US gold futures settled 0.6% higher at $1,470.20 per ounce on the Comex division of the New York Mercantile. Spot gold gained 0.4% to $1,463.59 per ounce.

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Gold steady on concerns of delay in U.S.-China trade deal

Gold prices held steady on Thursday, supported by concerns that U.S. legislation on Hong Kong could increase tensions between the United States and China and delay an interim trade deal.

Spot gold was little changed at $1,471.02 per ounce by 0458 GMT. U.S. gold futures were down 0.2% at $1,471.20.

"The main driver in gold currently is the uncertainty about the trade deal. There is the possibility that the deal might not be completed this year, so that is a key support factor," said John Sharma, an economist with National Australia Bank.

Completion of a "phase one" trade deal could slide into next year, trade experts and people close to the White House said.

The protracted trade dispute has pushed the precious metal, considered a safe asset in times of political and economic uncertainty, about 14% higher this year.

However, gold pared some gains from earlier in the session after China Vice Premier Liu He said he is 'cautiously optimistic' about reaching a phase 1 deal.

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