Gold was steady as investors mulled progress on U.S.-China trade negotiations, with optimism over the talks boosting American equities to a six-month high.
The trade deal being crafted would give Beijing until 2025 to meet commitments on commodity purchases and allow U.S. companies to wholly own Chinese enterprises, according to people familiar with the talks. The market will also be watching for key U.S. jobs numbers due Friday.
Investors are yanking money out of gold exchange-traded funds as hints of improving global growth and surging stocks lure them into riskier assets. The largest, the $32 billion SPDR Gold Shares fund, had lost more than $671 million in assets as of Tuesday.
Spot gold +0.1% to $1,291.18/oz at 10am in Singapore; -0.2% on Wednesday.
Source : Bloomberg