Gold prices flat ahead of Trump-Xi meet at G20 summit

BENGALURU: Gold prices were flat early on Friday as the dollar steadied ahead of the G20 meet in Argentina this weekend, where US and Chinese leaders are scheduled to discuss trade matters after months of tensions. 

 Fundamentals 
Spot gold was flat at $1,223.77 per ounce at 0126 GMT. Prices had hit a one-week high of $1,228.96 per ounce on Thursday. 

 US gold futures were down 0.2 per cent at $1,221.6 per ounce. 

Palladium was up about 0.2 per cent at $1,183.20 per ounce after hitting a record high of $1,190 earlier in the session. The metal was on track to mark its best month since December 2017. 

The dollar index, which measures the greenback against a basket of six major currencies, traded marginally higher at 96.79 on Friday. 

Share markets ticked slightly lower in early Asian trade as investors looked to the G20 summit. 

US President Donald Trump sent mixed signals on Thursday about the prospects for a trade deal with China, saying an agreement was close but he was not sure he wanted one, just as he left for Argentina for a meeting with President Xi Jinping. 

US trade restrictions have hit a total of $369 billion of Chinese exports this year, much higher than the $278 billion of goods impacted by tariffs alone, a regular monitoring report of G20 trade restrictions said on Thursday. 


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