2019.11.2509:19:00UTC+00Gold Slips As Trade Optimism Boosts Riskier Assets

Gold prices dipped on Monday to hover near one-week low after both Washington and Beijing made positive comments on the potential for a trade deal between them.

Spot gold slid 0.2 percent to $1,459.21 per ounce, while U.S. gold futures were down 0.3 percent at $1,465.90.

China has offered to raise penalties on intellectual property violations in an attempt to hammer out a partial trade deal with the United States.

U.S. national security adviser Robert O'Brien said an initial trade deal was still possible by the end of the year.

A tabloid run by the ruling Communist Party's official People's Daily discounted "negative" media reports and said both countries were "very close" to a phase one trade deal.

China also remains committed to continuing talks for a phase two or even a phase three deal with the United States, the state-backed Global Times said on its Twitter feed.

Investors shrugged off a landslide victory of the pro-democracy camp in the Hong Kong district council election.

Hong Kong is a part of China "no matter what happens", Chinese Foreign Minister Wang Yi said today after meeting with Japanese Prime Minister Shinzo Abe in Tokyo. On Saturday, Wang called the U.S. the "biggest destabilizing element."