Gold declined for a second day as investors favored riskier assets and weighed President Donald Trump’s comments on trade talks with China.
Stocks in Asia gained along with U.S. futures Monday, while Treasury yieldscontinued to recover from multi-year lows reached last week, when an inversion in the yield curve sparked recession worries. Trump said the U.S. is “doing very well with China, and talking!” but suggested he wasn’t ready to sign a trade deal, hours after his top economic adviser laid out a potential timeline for the resumption of substantive discussions with Beijing.
Also in focus this week is Federal Reserve Chair Jerome Powell’s address at the Kansas Fed’s annual Jackson Hole gathering on Friday, which will be key to gauging whether U.S. policy makers will add to July’s rate cut. Minutes of the Fed’s July meeting are due for release Wednesday.
Spot gold -0.6% to $1,505.20/oz at 9:28am in Singapore; -0.6% Friday.
Source : Bloomberg