Gold prices are down and trade hopes boost risk appetite
Gold prices fell for a fourth straight session on Tuesday, as recent economic data and optimism on signs that Washington and Beijing have made progress in their trade row since last year boosted risk appetite.
The improvement in economic conditions drives investors to turn to stocks, which are yielding assets and avoid gold that is not yielding.
Spot gold fell 0.2 percent to $ 1285.22 an ounce by 0532 GMT. In the previous session, gold dropped to $ 1281.96, the lowest level since April 4. “The main reason for gold pressure is improving economic data,” said Dominique Schneider, an analyst at UBS Wealth Management in Hong Kong. “For countries like China, For example, the situation improved to a certain extent. ”
China last week released better-than-expected credit and export data to ease concerns over economic growth.
On Monday, Treasury Secretary Stephan Menuchin told Fox Business Network that trade negotiations between Washington and China were making much progress.
On other precious metals, silver fell 0.1 percent to $ 14.96 an ounce after hitting its lowest level since December 26 at $ 14.81 a barrel in the previous session.
Platinum gained 0.1 percent on spot transactions to $ 885.63 an ounce, while palladium rose 0.4 percent to $ 1,366.44 an ounce. Source