The price of gold has risen to its highest level in nearly two weeks with the opening of the first day of the new week. The US dollar suffered losses because of renewed hopes that the US and China are approaching a deal.
At the start of the Asian session, gold rose 0.3 percent to $ 1,324.80 an ounce, almost approaching its 9-month high of $ 1,326.30.
"Reducing the risks behind trade talks has certainly helped the markets." - says ANZ analyst Daniel Hynes, adding that the signs that progress has been made in the talks have reduced the appetite for the dollar, which has proved to be a backing for gold.
The United States and China will resume talks this week in Washington, and the time is getting smaller for resolving the conflict. President Donald Trump mentioned last Friday that he could extend the deadline beyond March 1 to make a deal and keep the current tariffs on Chinese goods unchanged.
Source: CNBC
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