Gold Prices Drop

Gold prices are into a slipping channel during the Asian trading hours as the imminent signing of the U.S.-China phase one deal sent global equities higher and boosted the demand for safe-haven assets.

Presently, the precious metal trades at $1543.30, which is a decline of $2.16 or 0.14% from the previous close of $1545.46.

As a matter of fact, the metal reached April 2013 highs last week after Iran launched rockets at U.S. airbases in Iraq.

The daily range is from $1535.78 to $1548.77, while the trading volume is 145.046K.Sino-U.S. trade optimism affected negatively the safe-haven metal today.

Global equities traded higher today as China and the U.S. prepared to sign a truce in their 18-month-long tariff dispute.

Moreover, treasury Secretary Steven Mnuchin announced that Beijing had promised to purchase $40 billion to $50 billion worth of U.S. farm products annually and a total of $200 billion of U.S. goods over the next two years.

Additionally, China stated that its exports jumped for the first time in the last five months in December, while imports also came above forecasts.

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