Gold edged higher on Thursday as uncertainty emerging from mixed messages on the U.S-China trade negotiations offset headwinds from positive economic data out of the United States, while deficit-hit palladium extended a record surge.
Technical Resistance: 1485/1505
Technical support: 1459/1430
Trump upbeat on U.S.-China talks as Beijing underscores tariff-cut demands
U.S.-China trade talks are “moving right along,” President Donald Trump said on Thursday, striking an upbeat tone even as Chinese officials held fast to their line that existing tariffs must come off as part of an interim deal to de-escalate the 17-month trade war between the two powers.
U.S. trade deficit shrinks sharply according to Commerce Department data
The U.S. trade deficit dropped to its lowest level in nearly 1-1/2 years in October, suggesting trade could contribute to economic growth in the fourth quarter, though a broad decline in imports hinted at a slowdown in domestic demand. The Commerce Department said the trade deficit tumbled 7.6% to $47.2 billion, the smallest since May 2018, as both imports and exports of goods declined. It was the second straight monthly drop in the trade bill and the percent drop was the biggest since January.
U.S. weekly jobless claims drop to seven-month low
Initial claims for state unemployment benefits dropped 10,000 to a seasonally adjusted 203,000 for the week ended Nov. 30, the lowest level since mid-April, the Labor Department said on Thursday. Data for the prior week was unrevised.
Source: Bloomberg, CNBC, Reuters