Gold snapped a four-day advance as the dollar steadied, with the currency recovering from comments on Friday by Federal Reserve Vice Chairman Richard Clarida, who said U.S. interest rates are getting closer to the vicinity of neutral and there’s evidence the global economy is slowing.
Bullion for immediate delivery -0.4% to $1,219.02/oz at 1:27pm in Singapore; +0.8% on Friday. Prices +1.1% last week, most since period to Aug. 24. Bloomberg Dollar Spot Index +0.2% after -0.6% on Friday
Investors also weighed heightened tensions between China and the U.S. after the Asia-Pacific Economic Cooperation forum failed to agree on a joint statement for the first time in its history. At the gathering, Vice President Mike Pence was sharply critical of Chinese policy, while Xi voiced support for the multilateral trading system amid the trade dispute with the U.S.
Source : Bloomberg