Services sector activity in the US hit a more than 19-month low increasing appetite for the safe-haven asset
Granules of 99.99% pure gold at the Krastsvetmet non-ferrous metals plant, one of the world’s largest producers in the precious metals industry, in the Siberian city of Krasnoyarsk, Russia. Picture: REUTERS/ILYA NAYMUSHINGold gained on Thursday, supported by an easing dollar as investors awaited progress in the China-US trade negotiations after reports showed that both sides were nearing a deal.“One of the key issues would be the China-US trade negotiations.
Negotiations between the US and China made “good headway” last week in Beijing and the two sides aim to bridge differences during talks this week, White House economic adviser Larry Kudlow said. Market participants are now awaiting the US nonfarm payrolls data, due on Friday, as it would offer insights on the strength of the US economy.
Holdings in the world’s largest gold-backed exchange-traded fund, SPDR Gold Trust, also fell for a third consecutive session on Wednesday. Holdings were at their lowest level since December 17 at 24.57-million ounces.
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