Gold Steadies After Biggest Loss in a Month on Trade Optimism
(Bloomberg) -- Gold steadies after posting the biggest loss in more than a month as investors weighed the strength of the global economy and prospects for a U.S.-China trade deal.
In a speech on Tuesday, President Xi Jinping stressed China’s commitment to the global trading order as his negotiators wrangle with the U.S. over rolling back punitive tariffs ahead of an initial deal. News that U.S. service industries expanded more than forecast in October triggered a brief equity rally on Wall Street, but pushed market pricing for another rate cut from the Federal Reserve further out.
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