2019.11.2118:53:00UTC+00Gold Futures Settle Notably Lower

Gold prices drifted lower on Thursday after reports said China has invited U.S. trade negotiators for a fresh round of talks.

The dollar's recovery from lower levels too contributed to gold's decline.

However, weakness in stock markets and doubts about trade talks making any meaningful progress limited the yellow metal's slide.

Gold futures for December ended down $10.60, or about 0.7%, at $1,463.60 an ounce.

On Wednesday, gold futures for December ended down $0.10 at $1,474.20 an ounce, ahead of the release of the Federal Reserve's October monetary policy meeting.

Silver futures for December ended down $0.050 at $17.065 an ounce, while Copper futures for December settled at $2.6235 per pound, down $0.0260 from previous close.

Gold shed ground on reports that Chinese Vice-Premier Liu He has invited U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin to Beijing for further negotiations.

However, a report from Reuters on Wednesday said completion of a phase one U.S.-China trade deal could slide into next year.

Additionally, the passage of a Senate bill supporting protesters in Hong Kong by the U.S. House of Representatives and the warning issued to China about human rights added to the tensions between the world's two largest economies.

In economic news today, the Labor Department's report showed first-time claims for U.S. unemployment benefits came in unchanged in the week ended November 16th.

A report from the Federal Reserve Bank of Philadelphia showed regional manufacturing activity growth accelerated by more than anticipated in the month of November.

The Philly Fed said its diffusion index for current general activity climbed to 10.4 in November after falling to 5.6 in October, with a positive reading indicating growth in regional manufacturing activity. Economists had expected the index to rise to 7.0.

According to a report released by the National Association of Realtors, existing home sales jumped by 1.9% to an annual rate of 5.46 million in October after tumbling by 2.5% to a revised rate of 5.360 million in September. Economists had expected existing home sales to surge up by 1.4% compared to the 2.2% slump originally reported for the previous month.

Meanwhile, a report released by the Conference Board on Thursday showed a modest decrease by its reading on leading U.S. economic indicators in the month of October.