2019.12.2309:33:00UTC+00Gold Prices Inch Higher In Pre-holiday Trade

Gold prices inched higher on Monday even as the dollar stood near two-week highs after the release of encouraging U.S. economic data released on Friday.

Both spot gold and U.S. gold futures were up around half a percent at $1,484.79 per ounce and $1,488.45 per ounce, respectively. Trading volumes remain thin ahead of the Christmas and New Year holidays.

U.S. President Donald Trump on Saturday said the United States and China would "very shortly" sign their so-called Phase One trade pact.

Trump also said that China already started large scale purchases of U.S. farm goods and that the talks with the country were productive.

However, he didn't give a date for when the so-called "phase one" agreement will actually be signed.

Meanwhile, China's Xinhua news agency said President Xi Jinping told Trump that China is deeply concerned about "the negative words and deeds" of the U.S. on issues related to Taiwan, Hong Kong, Xinjiang and Tibet.

"These actions have interfered in China's internal affairs, harmed China's interests and undermined mutual trust and cooperation between the two sides," Xinhua said.