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MTECHTIPS;- Gold edges higher ahead of Trump-Xi summit
MTECHTIPS-Gold prices edged higher in European trading on Thursday, bouncing back from the prior session’s losses as investors shied away from riskier assets ahead of an upcoming meeting between U.S. President Donald Trump and Chinese President Xi Jinping. Comex gold futures tacked on $6.85, or around 0.6%, to $1,255.35 a troy ounce by 3:13 AM ET (07:13 GMT). Meanwhile, spot gold was down $2.20 at $1,253.30. The yellow metal settled lower for the first time in four sessions on Wednesday. Also on the Comex, silver futures for May delivery inched up 4.0 cents, or about 0.2%, to $18.22 a troy ounce. It fell 13.6 cents in the prior session. Market players are awaiting President Donald Trump’s first meeting with Chinese counterpart Xi Jinping on Thursday and Friday. Last week, Trump tweeted that the meeting, which is expected to cover differences over trade, currencies and North Korea, “will be a very difficult one.” That has kept investors on edge, knocking riskier assets, such as stocks, and forcing investors to seek shelter in safe-haven assets such as the yen, gold and U.S. Treasuries. Meanwhile, investors digested minutes from the Federal Reserve’s March policy meeting released on Wednesday, which showed that the central bank would start to unwind its $4.5 trillion balance sheet later this year.
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