Gold run of monthly gains is at risk of ending in February after bullion failed to break above $1,350 an ounce, holdings in exchange-traded funds contracted, and investors weighed the outlook for the Federal Reserve’s monetary policy and whether the U.S. can avoid a recession.
Prices were steady on Thursday after Fed Chair Jerome Powell told lawmakers he’ll soon announce a plan to stop shrinking the bank’s $4 trillion balance sheet. On the trade front, U.S. Trade Representative Robert Lighthizer struck a cautious tone on prospects for a deal with China, saying much work still needs to be done. His remarks came days after President Donald Trump suggested he was already planning to sign an accord with Chinese leader Xi Jinping.
Spot gold -0.1% to $1,318.48/oz at 10:32am in Singapore.
Source : Bloomberg