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Gold lost some ground Monday, with weakness attributed to cautiously upbeat expectations around U.S.-China trade negotiations seen robbing the metal of its haven appeal.
Gold for December delivery GCZ19, -0.49% on Comex fell $6.20, or 0.4%, to $1,457.40 an ounce, while December silver SIZ19, -0.82% was off 14 cents, or 0.8%, to $16.86 an ounce.
“Improving risk appetite is never good news for gold prices, which are trading a little lower at the start of the week. The fact that this is being driven by promising trade headlines is only further damaging the yellow metal,” said Craig Erlam, senior market analyst at Oanda, in a note.
Global equity markets were trading higher, with U.S. stock-index futures pointing to a modestly higher start for Wall Street.
Contributing to the positive tone, the Chinese government on Sunday released a document calling for more protection of intellectual property rights.
Remarks over the weekend by Robert O’Brien, the U.S. national security adviser, were also in the spotlight. O’Brien told reporters at a security conference in Halifax that a “phase one” deal between the U.S. and China by the end of the year still appeared possible, Reuters reported, while also warning that the U.S. would not “turn a blind eye to what’s happening in Hong Kong or what’s happening in the South China Sea, or other areas of the world where we’re concerned about China’s activity.”
In other metals trade, January platinum PLF20, +0.27% rose 0.2% to $894.70 an ounce, while December palladium PAZ19, +1.18% gained 1.1% to $1,763 an ounce.
December copper HGZ19, +0.23% was up 0.2% at $2.6525 a pound.
