Gold Prices Dip As Trump Makes Move To Negotiate With Iran
As negotiations with China fail to produce results, the U.S appears ready to start talks with China. It isn’t really clear how these developments affect the price of gold, but the metal has taken a dip today.
Iranian Officials Are Ready To Negotiate
Spot gold traded at $1,405.65 per ounce recording a loss of 0.6% or $8.36. on the other hand, Gold futures for August delivery also traded at $1,411.20 on the Comex division of the New York Mercantile Exchange. It was down by $2.30 or 0.2%.
On Tuesday, Mike Pompeo, U.S secretary of state claimed that the Iranian officials are ready to negotiate on their missile program for the first time ever. This comes after President Donald Trump told his cabinet meeting that the administration has made some headway with Tehran. He also mentioned that there was no intention to start a war or initiate regime change.
Trump also said that the U.S had a long way to go before concluding on anything with China. However, the country could still impose tariffs on another $350 billion Chinese goods if necessary.
The president spoke at the cabinet meeting in the white house and said China was meant to buy U.S farm products. The administration is waiting to see if China would do so.
Gold prices recorded new lows on Tuesday after strong retail sales reading ignited buying interest in the USD. It also pushed the treasury yields higher. In June, retail sales gained about 0.4%. this number outpaces consensus forecasts for another 0.1% advance.