NEW YORK (CNBC) - Gold prices firmed on Monday after Chinese officials are pessimistic about the prospect of a U.S.-China trade deal, following a report of "constructive talks” over the weekend.
Spot gold was steady at $1,466.51 per ounce, while U.S. gold futures were down 0.07% to $1,467.8.
The mood in Beijing about a trade deal is pessimistic due to President Donald Trump’s reluctance to roll back tariffs, which China believed the U.S. had agreed to, a government source told CNBC’s Eunice Yoon.
"Everything looks a lot more positive - U.S. markets are at record highs, trade talks are progressing a little bit slowly, the Fed has (cut) rates three times now - it looks bearish (for gold) compared to the kind of move we’ve seen over the summer,” said Craig Erlam, OANDA senior market analyst. "Trend for gold in the short-term is looking quite negative. From technicals, we have taken out all lows - $1,480 was the most important one, now $1,460.”