Gold Futures Settle Slightly Lower

Trading 03 avr 2019 Donner votre avis

Gold prices edged down on Wednesday as investors continued to pick up riskier assets amid rising optimism about U.S.-China trade negotiations.

The dollar was weak as well, with equities gaining in strength even as data on U.S. private sector employment showed a drop in job growth and a report from the Institute for Supply Management showed service sector growth to have cooled off in March.

The dollar index declined by about 0.3% to 97.04.

Gold futures for June ended down $0.10, at $1,295.30 an ounce.

On Tuesday, gold futures for June ended up $1.20, at $1,295.40 an ounce.

Silver futures for May ended up $0.041, at $15.102 an ounce, while Copper futures for May settled at $2.9485 per pound, gaining $0.0430 for the session.

Stocks moved higher as risk appetite increased amid optimism about trade talks between U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He.

Ahead of the meeting, people briefed on the trade talks told the Financial Times top U.S. and Chinese officials have resolved most of the issues standing in the way of a deal to end their long-running trade dispute.

Officials are still haggling over how to implement and enforce the agreement, however, with Myron Brilliant, executive vice-president for international affairs at the U.S. Chamber of Commerce, telling reporters the last 10 percent is the "hardest part."

The Financial Times said the two sides remain apart on two key issues: the fate of existing U.S. tariffs on Chinese goods and the terms of an enforcement mechanism demanded by Washington to ensure that China abides by the deal.

Meanwhile, on the economic front, a report from payroll processor ADP showed much weaker than expected private sector job growth in the month of March. The report said private sector employment rose by 129,000 jobs in March after jumping by an upwardly revised 197,000 jobs in February.

Economists had expected employment to increase by 170,000 jobs compared to the addition of 183,000 jobs originally reported for the previous month.

A separate report from the Institute for Supply Management showed service sector growth in the U.S. cooled off in March after a significant acceleration in the previous month.

The ISM said its non-manufacturing index slid to 56.1 in March after jumping to 59.7 in February, although reading above 50 still indicates growth in the service sector.

Economists had expected the index to show a more modest pullback, with forecasts calling for the index to dip to 58.0.

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