Gold Prices On A Rally

Gold prices rallied this morning during the Asia hours amid speculation of the potential success of the U.S.-China trade deal that was signed last week.

Currently, the yellow metal trades at $1560.21, which is a surge of $3.53 or 0.23% from the previous close of $1556.68.

The daily range is from $1556.25 — 1562.69, while the trading volume is 47.679K.

The yellow metal initially dropped after China decided to purchase at least $200 billion worth of US goods over the next two yearslast week.

Meanwhile, the U.S. Commerce Department declared solid U.S. housing starts and retail sales figure last Friday, resulting in lower probability that the Federal Reserve would reduced rates later this month.

In reality, the Fed reduce rates by a quarter percent point for three months back to back in 2019.