Gold hovered near $1,500 an ounce as money managers cut bullish bets to a two-month low ahead of U.S.-China talks and a Federal Reserve policy meeting later this month.
Spot gold lost 0.2% to $1,501.63/oz in London. The metal gained 0.5% last week on poor factory data from China to the U.S. Prices are up 17% this year.
Bullion’s rally has slowed in the past month amid a stronger dollar, and the metal saw turbulent trading on Friday after a mixed U.S. jobs report. Still, central banks have continued their gold-buying spree, with net purchases in August reaching 57.3 tons, the World Gold Council said Monday. China added more than 100 tons to its reserves since resuming buying in December.
Source : Bloomberg