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Gold prices edged lower yesterday as safe-haven demand for the metal was hurt by a risk-conducive environment with equities rallying to seven-month highs, while a weaker dollar limited bullion’s losses.
Spot gold edged 0,2 percent lower to $1,290.81 per ounce as of 0742 GMT, having touched its lowest level since March 7 at $1,284.76 in the previous session. US gold futures were flat at $1,295.50 an ounce.
“There won’t be much movement in gold prices as stocks have gone up to their highs in Asia and investors are not seeing gold as a good safe-haven,” said Brian Lan, managing director at dealer GoldSilver Central in Singapore.
Asian shares climbed to seven-month highs as investors lapped up signs of progress in US-China trade talks and brisk economic data.
Markets drew hope from White House economic adviser Larry Kudlow, who on Tuesday said the two countries “expect to make more headway” in trade talks this week.
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin are due to resume talks with Chinese vice premier Liu He later yesterday.
The prospects of a trade resolution between the two countries weighed on the dollar, thereby limiting gold’s losses. — Reuters.
Online Reporter