Gold held near a five-week low as investors exited from exchange-traded funds backed by the precious metal on improved risk sentiment amid prospects for a U.S.-China trade deal. Palladium fell again.
Spot gold flat at $1,287.83/oz at 12:48pm in Singapore. Metal as much as -0.4% to $1,281.25 on Tuesday, lowest intraday level since Jan. 25. Bloomberg Dollar Spot Index +0.2% to head for sixth days of gains. In other precious metals, Silver -0.2%, Platinum -0.7% and Palladium -0.7% to $1,508.97/oz, set for fourth day of losses, longest run since August.
Global holdings in bullion-backed ETFs dropped to lowest since Jan. 10. The U.S. jobs report Friday may provide direction for markets to gauge the strength of the economy and the Federal Reserve’s path for monetary policy.
Source : Bloomberg