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Bullion counter fell on Tuesday ahead of the much awaited signing of an interim U.S.-China trade deal that dampened the appeal of bullion. The main thing is that a week ago we had the Iran-U.S. news, that caused a pretty significant rally in gold; and now that news has subsided, The U.S.-China deal is also supposed to get signed today. Global equities rallied to reach fresh record highs as the world’s two biggest economies prepare to formalize a truce. U.S. Trade Representative Robert Lighthizer said that the Chinese translation of the deal was almost completed and would be made public on Wednesday, just prior to a signing ceremony. The U.S. Treasury on Monday said China should no longer be designated a currency manipulator in a long-delayed semi-annual currency report, reversing its August finding; the decision coincided with the arrival of a high-level Chinese delegation for a trade deal signing.


capitalstars Crude oil

Crude oil may witness remain on weaker side as oil prices edged lower on Tuesday as receding Middle East tensions took some heat out of the market, with both Tehran and Washington desisting from any further escalation after this month’s clashes. However, the declines were limited by expectations of a drawdown in U.S. crude oil inventories and optimism about the signing of a preliminary trade deal between the U.S. and China, the world’s top oil consumers. Oil prices were supported ahead of the signing at the White House on Wednesday of a Phase 1 trade deal, which marks a major step in ending a dispute that has cut global growth and dented demand for oil. Elsewhere, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman said his country will work for oil market stability at a time of heightened U.S.-Iranian tension and wants to see sustainable prices and demand growth.


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Base metals may trade with mixed bias. China’s central bank set the midpoint of the yuan’s daily trading band at its strongest fixing in more than five months on Tuesday after the United States dropped its designation of China as a currency manipulator. London copper prices on Tuesday slipped from an eight-month high hit in the previous session, as cautious investors awaited a raft of Chinese data, which will indicate whether a pick-up in economic activity has been maintained. Later in the day, Beijing is due to release its December and full-year 2019 trade data, one of the major indicators of economic health of China, the world’s second-biggest economy. Top copper miner Codelco may not renew an agreement to supply copper concentrate to China’s Shandong Fangyuan for 2020 because of financial problems at the private smelter, sources said.

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