International gold prices fall to their lowest level in two weeks

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10:57 am

Tuesday 14 January 2020

Cairo – Agencies:

Gold prices fell to their lowest levels in nearly two weeks today, as improved risk appetite due to Chinese economic data came out better than expectations and the imminent signing of a preliminary trade agreement between the United States and China, according to Reuters.

The spot gold fell 0.6% to $ 1538.84 an ounce by 0459 GMT.

Earlier in the session, prices touched their lowest levels since January 3 at $ 1535.75.

US gold futures fell 0.7% to $ 1,539.70.

Asian stocks rose on signs of goodwill among the world’s largest economists as they prepared to sign an agreement that would represent a truce in the 18-month-old customs dispute, which has turned the global economy upside down.

The day before the signing of the stage (1) trade agreement, the US Treasury on Monday dropped the labeling of China as a currency manipulator, indicating further improvement in relations.

US Trade Representative Robert Lighthizer said the Chinese translation of the agreement has almost expired and will be announced before the signing ceremony on Wednesday.

But there are persistent concerns that this does not mark the end of the trade war that has troubled global markets for the past year and a half.

Data from China showed exports rose for the first time in five months in December, while imports also exceeded expectations.

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