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Gold Pares Third Monthly Drop on China Growth Concerns


Tuesday, 30 April 2019 09:54 WIB

GOLDEMAS


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Gold gained to trim a third monthly decline after the first official gauge of China's manufacturing sector fell in April, signaling that the economic stabilization seen in the first quarter remains fragile.

Still, with U.S. stocks rising above their record on Monday, risk appetite is damping demand for havens, with hedge funds increasing their net-short position in gold to the most bearish since November. Investors will also be closely watching the Federal Reserve's policy-setting meeting on April 30-May 1, where officials are expected to hold interest rates steady.

Spot gold +0.2% to $1,282.08/oz at 9:29am in Singapore. Metal is heading for a third straight monthly decline.

Other precious metals : Spot silver +0.3% to pare third monthly decline.

Source : Bloomberg


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