Gold Futures Settle Lower As Traders Seek Riskier Assets

Trading 01 avr 2019 Donner votre avis

Gold prices edged lower on Monday, as optimism about trade talks and encouraging factory data out of the U.S. and China prompted traders to seek riskier assets such as equities.

The U.S. dollar was subdued as well, after coming off three-week highs.

Gold futures for June ended down $4.30, or 0.3%, at $1,294.20 an ounce.

On Friday, gold futures for June ended up $3.20, or 0.2%, at $1,298.50 an ounce.

Silver futures for May ended down $0.011, at $15.099 an ounce, while Copper futures for May settled at $2.9245, down $0.0115 from previous close.

In U.S. economic news, a report from the Institute for Supply Management showed an unexpected increase by its index of activity in the manufacturing sector in the month of March.

The ISM said its purchasing managers index rose to 55.3 in March after falling to 54.2 in February, with a reading above 50 indicating growth in the manufacturing sector. Economists had expected the index to come in unchanged.

"Comments from the panel reflect continued expanding business strength, supported by gains in new orders and employment," said Timothy Fiore, Chair of the ISM Manufacturing Business Survey Committee.

The report said the new orders index climbed to 57.4 in March from 55.5 in February, while the production index ticked up to 55.8 from 54.8.

The employment index also surged up to 57.5 in March from 52.3 in February, indicating a notable acceleration in the rate of job growth in the manufacturing sector. The index reached its highest level since November of 2018.

In news from China, factory activity in March unexpectedly grew for the first time in four months, according to official data. The Caixin/Markit Manufacturing Purchasing Managers' Index rose to 50.8 from 49.9 in February, recording the strongest reading in eight months.

On the trade front, Beijing announced that it would continue to suspend additional tariffs on U.S. vehicles and auto parts after April 1 as a gesture after Washington delayed tariff hikes on Chinese imports.

A delegation led by Vice Premier Liu He will be in Washington this week for another round of talks.


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