Gold prices traded higher on Wednesday in Asia and hit an eight-month high ahead of a highly-anticipated meeting between Chinese and U.S. officials later in the day.
Gold futures contract was up $4.40, or 0.3%, at $1,313.30 on the New York Mercantile Exchange’s; Comex division by 1:30 AM ET (06:30 GMT), the highest level since May 14.
Gold prices traded higher
Trade discussion between the U.S. and China is likely to be the major directional driver later this week. China’s Vice Premier Liu He is set to begin trade talks with U.S. officials, including President Donald Trump, in Washington today.
The two sides are hoping to find a solution to the ongoing trade war before a March 1 deadline. However, the prospect of a trade deal was dented yesterday following the U.S.’s criminal charges against China’s Huawei Technologies Co.
Additionally, Apple’s CEO Time Cook, is in contact with Trump, for the trade tension between China and the U.S.
Also, investors await more clues about the outlook for U.S. monetary policy, as the Federal Reserve is due later in the day.
Source: Investing.com
