Gold advanced as optimism over China’s steady pace of increases to its bullion reserves countered U.S. labor market data that helped boost equities to near all-time highs Friday.
Spot gold as much as +0.4% to $1,296.26/oz, and was at $1,295.45 at 9:51am in Singapore; little changed on Friday. Bloomberg Dollar Spot Index steady after +0.1% on Friday. In other precious metals; Spot silver +0.5%, Platinum as much as +1.1% to $911.28/oz, highest level since June and Palladium +0.6%.
Investors were also weighing President Donald Trump’s call for the Federal Reserve to cut rates, as well as U.S.-China trade talks, with Trump’s economic adviser Larry Kudlow saying the sides are “closer and closer” to a deal.
Source : Bloomberg