Gold traded around $1,300 an ounce, holding most of Friday’s advance, at the start of a potentially important week for global trade and U.S. monetary policy.
After trading in a narrow range since the start of the year, the metal jumped to a seven-month high Friday as the dollar weakened. This week, Chinese President Xi Jinping’s top economic aide will meet with the U.S. trade representative and Treasury Secretary Steven Mnuchin, while Federal Reserve Chairman Jerome Powell will host a briefing after a policy decision.
The impasse between U.S. and China over trade talks has been a support for gold in recent months, with holdings in bullion-backed exchange-traded funds at a five-year high.
Spot gold -0.3% to $1,302.05/oz. Prices rose 1.9% on Friday, and touched the highest since mid-June.
Source : Bloomberg