Online Reporter
Gold was steady — after losing almost 2 percent over the previous two sessions — as another round of US-China trade talks offered hope trade tensions between the two largest economies can be eased.
Bullion traded above $3,306 an ounce, after dropping Friday as better-than-expected US jobs data reduced some concerns about the nation’s economic downturn.
Top trade negotiators from Washington and Beijing were set to hold fresh talks in London on Monday, with China’s dominance in rare earths production a major focus.
Investors will also be watching the outcome of an auction of long-term US government bonds on Thursday.
Global pushback against the debt is turning what would normally be a routine sale into a highly anticipated event, and a poor result would likely benefit the precious metal.
That could add more tailwinds to bullion’s rally of more than a quarter this year as investors favour havens in an increasingly turbulent economic and geopolitical environment.
Central banks have buttressed demand, and the People’s Bank of China extended its gold-buying streak to a seventh month in May, according to data released over the weekend.
Spot gold dipped 0.1 percent to $3 306.48 an ounce as of 8:28 a.m. in Singapore. The Bloomberg Dollar Spot Index was flat. Silver was steady, while palladium and platinum edged lower. — Bloomberg
