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MTECHTIPS;-Gold Holds Steady; May Surge Again if Trade War Rekindled

Friday, February 8, 2019 1:13

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MTECHTIPS;-Gold Holds Steady; May Surge Again if Trade War Rekindled

MTECHTIPS-The delayed U.S.-China summit and weaker forecasts for Europe are playing into a slowing global growth narrative that could brighten gold bugs’ hopes. Gold traded steady to higher on Thursday after NBC reported that a meeting between President Donald Trump and his Chinese counterpart Xi Jinping was “highly unlikely” before the March 1 deadline set by the U.S. for reaching a trade deal. U.S. stocks, a contrarian trade to gold, were also under pressure after the European Commission slashed its euro zone growth forecasts for this year and the next due to an expected slowdown in the largest countries of the bloc, partly on trade tensions. After Wall Street’s strong run in January — on easing trade fears, a dovish Federal Reserve and largely upbeat U.S. earnings — the market has wobbled this month on disappointing forecasts from a number of U.S. companies. In futures trading, gold’s benchmark April contract on the Comex division of the New York Mercantile Exchange settled down 20 cents at $1,314.20 per ounce. The spot gold contract, reflective of trades in physical bullion, was up $4.26, or 0.3%, at $1,310.79 per ounce by 2:13 PM ET (20:13 GMT). Gold futures hit highs above $1,300 for five consecutive sessions through Jan. 31, peaking at $1,331.10. The rally was pushed by investors raising their stakes in the metal amid Fed reassurances that it will be patient with rate hikes. At its January meeting, the Fed delivered on signals that it would hold its key rates steady

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