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 to a 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 +0.4% to $1,284.39/oz. Metal is heading for a third straight monthly decline. Meanwhile, Spot silver +0.5% to pare third monthly decline, Platinum +0.3%; +5.7% this month, Palladium heads for 2nd monthly drop.
Source : Bloomberg