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Gold hovers near 1-month low on tariff rollback

Gold prices

on Friday hovered near a one-month low hit in the previous session after China and the United States agreed to roll back tariffs as part of the first phase of a trade deal, stoking investors towards riskier assets.

FUNDAMENTALS

Spot gold was flat at 1,467.92 per ounce at 0107 GMT after falling to its lowest level in over a month on Thursday.

US gold futures were up 0.2 per cent at $1,469.60 per ounce.

China and the United States have agreed to roll back tariffs on each others’ goods as part of the first phase of a trade deal, officials from both sides said on Thursday, offering a new sign of progress despite ongoing divisions about the months-long dispute.

However, the ‘phase one’ deal faced fierce internal opposition at the White House and from outside advisers over concerns whether rolling back tariffs will give away US leverage in the negotiations, multiple sources familiar with the talks told Reuters.

The trade war between the two

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