Experts note that gold prices turned higher despite the strengthening of the US currency. This is supported by easing concerns over a potential trade war on news about a possible meeting between US President Donald Trump and Chinese leader Xi Jinping in November this year. It is expected that during the talks two countries might find a solution to end the dispute.
Last week, the authorities of China and the United States announced that the talks will be held on August 22-23. The meeting will address trade issues.
The offer to hold negotiations came after President Donald Trump's tariffs on $34 billion worth of Chinese goods went into effect. The head of the White House stressed that the United States can impose tariffs on all $500 billion of imported goods from China.
On Monday, August 20, the dollar index, which measures the greenback against a basket of six currencies, key US trade partners, rose by 0.1% to 96.1. Last Wednesday, August 15, the indicator increased to its highest level since June 2017 reaching 96,984. Most market participants actively invested in the US currency because of concerns about the state of the Chinese economy and the crisis of the Turkish currency.
The yellow metal lost over 14% since its peak in April. According to experts, this year, gold traded in US dollars has become very expensive for holders of other currencies. Gold futures for December delivery went up by 0.73% to $1,192.8 per ounce.
