Gold advanced after its biggest weekly drop in three years as investors parsed the latest developments in the U.S.-China trade conflict.
Spot gold +0.4% to $1,464.46/oz by 7:29am in London. Prices -3.7% last week. Bloomberg Dollar Spot Index steady after weekly gain.
President Donald Trump said Saturday talks with China are moving along “very nicely” and Beijing wants a deal “much more than I do.” His comments came after markets were whipsawed by contradictory headlines about progress toward an interim deal.
Data over the weekend showed Chinese factories are again threatening to drag down prices around the world as the cost of their goods declined by the most since 2016. Investors are also watching Alibaba’s Singles’ Day to gaugeconsumer health in China.
Source : Bloomberg