2019.11.1509:37:00UTC+00Gold Prices Fall As Trade Optimism Returns

Gold prices fell on Friday as signs of progress in trade talks between the United States and China bolstered risk appetite.

Spot gold slid 0.4 percent to $1,465.46 per ounce, while U.S. gold futures were down half a percent at $1,466.05 per ounce.

Fresh hopes of a trade deal between Washington and Beijing turned risk assets higher today after White House economic adviser Lawrence Kudlow told reporters the U.S. and China are getting close to a 'phase one' agreement on trade.

He cited 'very good progress' but added President Donald Trump isn't ready to make a commitment.

Investors also welcomed a goodwill gesture by China lifting a nearly five-year ban on imports of U.S. poultry meat, a move that could lead to more than $1 billion in annual shipments to China.

There is optimism in the market that the first phase of the trade deal will be signed soon.

The dollar traded flat against a basket of currencies ahead of U.S. retail sales and industrial production data due later in the day.