Gold prices were little changed on Monday as investors awaited fresh developments on the simmering trade spat between the United States and China.
Spot gold was almost unchanged at $1,332.46 an ounce as of 03:30 GMT.
hit a more than two-week low of $1,321.16 an ounce on Friday before
closing 0.5 percent higher.U.S. gold futures were unchanged at $1,335.80
"We've had certain comments from the U.S. about trade
conflict over the last week and the weekend. The market is being
dismissive about those issues until they see any real impact on the
ground," said ANZ analyst Daniel Hynes.
U.S. President Donald
Trump predicted on Sunday that China would take down its trade barriers,
expressing optimism despite escalating trade tensions between the
world's two largest economies that have roiled global markets in the
Trump late on Thursday threatened to slap $100 billion
more in tariffs on Chinese imports, while Beijing said it was fully
prepared to respond with a "fierce counter strike"."We do hold a
relatively bullish view in the next 2-3 months and we would certainly
expect prices to push above $1,350 in that time frame," said Hynes.
easing tensions between the United States and North Korea dampened the
appeal of gold, which is often used as a store of value during times of
financial or political uncertainty.
North Korea has told the
United States for the first time that it is prepared to discuss the
denuclearization of the Korean Peninsula when North Korean leader Kim
Jong Un meets President Donald Trump, a U.S. official said on Sunday.
dollar nursed its losses on Monday, having retreated late last week due
to concerns over U.S.-China trade tensions and following data that
showed the U.S. economy created the fewest jobs in six months in
March.However, a pickup in wage gains pointed to a tightening labor
market, which should allow the Federal Reserve to raise interest rates
further this year.
Higher interest rates discourage the buying of non-interest-paying bullion, which is priced in dollars.
funds and money managers slashed their net long position in COMEX gold
in the week to April 3 and boosted their net short position in silver to
a record, U.S. Commodity Futures Trading Commission data showed on
Spot silver was up 0.3 percent at $16.39 per ounce and platinum climbed nearly 1 percent to $921.20 per ounce.
Palladium rose 0.5 percent to $905.25 an ounce after dropping to $895.47 on Friday, its lowest since mid-August 2017.