(Bloomberg) — Gold prices remained stable, holding above $4,000 an ounce as traders assessed the recent US-China trade agreement, which has not fully alleviated long-term competition fears between the two economic giants. On Friday, bullion saw a slight increase following a 2.4% rise the previous day, breaking a four-day decline. While discussions between Presidents Donald Trump and Xi Jinping appeared to temporarily ease months of tension, any resolution seems to merely serve as a pause, allowing both nations to reduce economic dependence on each other. The ongoing shift in China\u2019s economic influence since Trump\u2019s first term has contributed to a renewed interest in safe-haven assets like gold, amidst concerns about the future stability of relations. According to Nick Twidale, chief market analyst at AT Global Markets in Sydney, \u201cAnxiety is returning to the market following the US-China trade truce, which may encourage buyers to support gold prices for the remainder of the year.\u201d Despite a nearly 10% decline since reaching over $4,380 an ounce on October 20, he suggests that this correction might be at an end. Throughout this week, bullion has dropped over 2%, looking at a second consecutive weekly loss, largely due to diminishing expectations for further interest rate cuts by the Federal Reserve. Treasury yields have also continued to decline after Fed Chair Jerome Powell cautioned against expecting a rate reduction in December, as policymakers contend with the job market and inflation concerns. Recent withdrawals from gold-backed ETFs have further pressured prices, with total holdings decreasing for six consecutive days, marking the longest decline since April, according to Bloomberg’s data. Despite the recent downturn, gold has surged over 50% this year, driven by mainstream investors seeking protection against market risks and increased purchases by central banks. The World Gold Council reported a 28% rise in gold acquisitions by central banks in the third quarter compared to the previous three months, reversing the downward trend from earlier in the year. As of 9:55 a.m. in Singapore, spot gold fell by 0.2% to $4,016.21 per ounce. The Bloomberg Dollar Spot Index decreased by 0.1% following a 0.4% rise in the previous session. Silver prices increased by 0.4%, extending a three-day streak of gains, while platinum and palladium also showed significant upticks.<\/p>\n","protected":false},"excerpt":{"rendered":"
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