Tuesday, February 18, 2020

Gold Prices Rebound as Asian Stocks Fall; Sino-U.S. Trade News in Focus

© Reuters.  © Reuters.

By Alex Ho - Gold prices rebounded on Tuesday in Asia amid declining Asian equities.

Gold Futures inched up 0.2% to $1,589.25 by 12:45 AM ET (04:45 GMT).

Sino-U.S. trade news were back in focus following today’s reports that China will grant tariff exemptions on 696 additional U.S. goods, including key agricultural and energy products such as pork, beef, soybeans, liquefied natural gas and crude oil.

The news came one month after Beijing and Washington signed the phase 1 trade deal. Under the agreement, China will boost its purchases of goods and services from the U.S. by $200 billion over two years.

Separately, Bloomberg cited four people familiar with the matter and said the Trump administration is considering new restrictions on exports of cutting-edge technology to China.

Asian stocks fell today, with Apple (NASDAQ:AAPL) suppliers underperforming after the tech giant issued a revenue warning overnight.

On the coronavirus front, China's Hubei province, considered the epicentre of the coronavirus outbreak, said new confirmed cases of the virus fell slightly to 1,807 on Monday, compared with 1,933 the previous day.

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