16.12.201909:48:00UTC+00Gold Edges Up As Dollar Dips

Gold prices edged higher on Monday and the U.S. dollar dipped against rivals as investors sought more clarity on the "phase one" trade deal between the United States and China.

Spot gold edged up 0.15 percent to $1,477.44 per ounce, while U.S. gold futures were marginally higher at $1,481.65.

The phase one U.S.-China trade deal fell short of expectations and market participants view it as a short-term detente rather than a clear road to a lasting and comprehensive resolution of the trade tensions.

The deal will nearly double U.S. exports to China over the next two years and is "totally done" despite the need for translation and revisions to its text, U.S. Trade Representative Robert Lighthizer said on Sunday.

Some investors are still waiting for more clarity about the finer details of the deal, especially from the Chinese side. The Chinese government has made no specific commitments regarding the volume of farm inputs they would be purchasing.