Gold prices inch down as traders await Brexit developments

Gold prices inch down as traders await Brexit development

Gold prices inched down on Monday in Asia as traders awaited more clarity on Brexit developments.

British lawmakers voted on the weekend to delay a decision on UK Prime Minister Boris Johnson’s Brexit deal, forcing him to request a third postponement of Britain’s departure from the EU.

“If you actually trade gold, you can feel the lack of emotion in the markets these days as buying interes continues to run tepid,” said Axitrader market strategist Stephen Innes. “The expectation for weaker economic data and the current level of central bank policy response seems to be all factored into the current price, suggesting gold traders need a new catalyst.”

On the Sino-U.S. trade front, China’s Vice Premier Liu confirm that Beijing and Washington “have made substantial progress in many aspects” and that they have “laid an important foundation for a phase one agreement.”